Tomei Consolidated is poised to stage a counter-trend rebound as it bounced off the support while attempting to move past the MYR0.995 resistance yesterday. If buying interest persists while the stock is moving towards the immediate resistance, it may reclaim the area above the 21-day average line, to head upwards towards the resistance points of MYR1.05, followed by MYR1.11. However, the stock may reverse direction if it falls below the MYR0.95 support level – forming a “lower low” bearish pattern.

Source: RHB Securities Research - 14 Jun 2022