REDTONE DIGITAL BHD MYS - Good Sign, Ready to enter MA Low Zone
Trading style: BBMA
The stock rose and formed a white bullish candle last Friday, breaking out above
its 3-week long triangle pattern. The breakout was supported by a higher trading
volume which indicates a renewed buying interest after the stock’s consolidation
from the 52-week high. More upside is likely to follow after the said breakout,
underpinned by the rising EMAs.
I think that aggressive traders may want to go long now with a stop-loss set
at RM0.970. For today, price may go down to MA Low in Daily and 4H timeframe, that is a good sign to buy now.
Follow-through buying may lift prices to test the historical
resistances at RM1.10 and RM1.15. My target price using fibonacci is at RM1.28
The stock rose and formed a white bullish candle last Friday, breaking out above
its 3-week long triangle pattern. The breakout was supported by a higher trading
volume which indicates a renewed buying interest after the stock’s consolidation
from the 52-week high. More upside is likely to follow after the said breakout,
underpinned by the rising EMAs.
I think that aggressive traders may want to go long now with a stop-loss set
at RM0.970. For today, price may go down to MA Low in Daily and 4H timeframe, that is a good sign to buy now.
Follow-through buying may lift prices to test the historical
resistances at RM1.10 and RM1.15. My target price using fibonacci is at RM1.28