CTOS Digital appears poised to move past the consolidation phase after testing the MYR1.45 immediate resistance over the past three sessions, with stronger trading volume observed yesterday.
RHB Retail Research Market Dateline said today (Oct 31) that if a breakout above this resistance occurs – ultimately forming a “higher high” bullish structure above the 21- day SMA line – the stock’s price may test the MYR1.56 resistance or the YTD high.
This is followed by the MYR1.76 next resistance.
On the downside, a breach below the MYR1.38 support will negate the bullish setup, forming a “lower low” bearish pattern that trends downwards.
Tomei Consolidated is attempting to resume its uptrend after testing the intraday high of MYR1.24 yesterday – this level acts as an immediate resistance.
If bullish momentum increases speed and a technical breakout occurs above this level, the stock is likely to trend higher towards the YTD high of MYR1.35, followed by MYR1.50.
Conversely, a decline below the MYR1.17 support signals a reversal of the positive trend.
