Tomei Consolidated is on track to propel towards the MYR1.00 psychological level as it reclaimed above the previous immediate resistance of MYR0.92 last Thursday and sustained above it on Friday with strong trading volume. As it stayed firmly above the 21-day average line in an attempt to form a fresh “higher high” bullish pattern, the bulls are expected to propel the stock towards the MYR1.00 psychological level, before reclaiming Aug’s high of MYR1.05. Conversely, the stock may reverse direction if it falls below the MYR0.88 support, forming a “lower low” bearish structure beneath the average line.

Source: RHB Securities Research - 29 Nov 2022