Stock Picks Of The Day – Tomei Consolidated, IOI Properties Group

Tomei Consolidated is in the midst of consolidating near the 21- day SMA line, which saw it test the MYR1.07 immediate resistance level recently.

RHB Retail Research, in a note today (July 20), said If it manages to rebound above that level, the stock should rebound higher towards the MYR1.14 resistance, followed by the next resistance at MYR1.24.

Towards the downside, falling below the MYR1.01 support would indicate a reversal to a downtrend.

IOI Properties Group is set to propel strongly, as it resumed its uptrend with a bullish breakout above the MYR1.19 on Friday, from surging trading volume.

Riding the fresh “higher high” bullish pattern, the counter should propel strongly towards the next resistance pegged at MYR1.28 – the highest level since 18 Oct 2021, followed by MYR1.41, which was 5 Apr 2021’s high.

Conversely, falling below the MYR1.12 support, forming a “lower low” bearish pattern, would dent sentiment and lead it to a downtrend.

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