Stock Picks Of The Day – Velesto Energy, Redtone Digital

Velesto Energy is poised to stage a bullish breakout while testing the immediate resistance. We observe that the stock has been consolidating sideways beneath the MY0.265 resistance.

RHB Retail Research Market Dateline today (Oct 30) said if it climbs above the immediate resistance, this will confirm that the consolidation phase is over and the resumption of the upside movement. In this case, the stock will climb towards the next resistance pegged at MYR0.29, followed by MYR0.31.

Towards the downside, falling below the MYR0.24 support will nullify this expectation and set off a correction phase.

REDtone Digital is eyeing to resume the upward trajectory as it surged towards the immediate resistance with high volume.

The stock has been climbing higher while volume has increasing in tandem, showing that strong momentum is underway.

If it breaks past the MYR0.745 resistance, the stock will extend the upside movement towards MYR0.78, followed by MYR0.83.  Conversely, falling below the MYR0.685 support will open the door for a downward correction.

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