Tomei Consolidated Bhd (TOMEI, 7230)

• Share price has surged 42% since our last technical buy call on 21 March 2024.

• TOMEI may trend higher after breaking out from its triangle pattern with a long white candleyesterday. As the stock is pulling further away from all the EMAs coupled with both RSI and 20-day EMA starting to point upwards, this suggests that prevailing bullish momentum is picking up further.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM2.10 (R1)followed by RM2.30 (R2) in the near term.

• On the downside, stop-loss is set at RM1.74 below the 50 days EMA.
  

Source: Rakuten Research - 1 Aug 2024

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