REDTone Digital is poised to undergo a bullish breakout, as it tested the immediate resistance of MYR0.465 on high trading volume last Thursday. The stock has been charting a “higher high” bullish candlestick, while trading volume picked up – which showse that strong bullish momentum is in play. If the breakout happens, the stock should scale towards MYR0.49, followed by MYR0.53. On the flip side, a fall below the MYR0.43 support level would indicate that the negative momentum may be in effect.

Source: RHB Securities Research - 19 Sept 2022