Tomei Consolidated is eyeing for a further rebound as it bounced off its support recently and attempted to surpass the MYR1.02 immediate resistance level – also near its 21-day average line. If the momentum re-emerges to surpass both the average line and the resistance level, the stock may continue its uptrend reversal towards MYR1.08, then the MYR1.13 resistance, or Apr’s high. Conversely, the momentum may reverse if it drops below the MYR0.96 support – drawing a “lower low” bearish pattern beneath the average line.

Source: RHB Securities Research - 25 May 2022