- Target Price: RM0.725, RM0.770
- Last closing price: RM0.685
- Potential return: 5.8%, 12.4%
- Support: RM0.640
- Stop Loss: RM0.605
Possible for chart pattern breakout. TOYOVEN is potentially staging a breakout from its descending triangle chart pattern, with anticipation of improvement in both momentum and trend in the near term. Should immediate resistance level of RM0.725 be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of RM0.770.
However, failure to hold on to support level of RM0.640 may indicate weakness in the share price and hence, a cut-loss signal.
Source: PublicInvest Research - 27 Sept 2022