- REDTONE shares price reached new high RM0.610 on Oct 24, 2019, which beat its last high RM0.605 on Mar 10, 2017.
- It is the second time to challenge the previous consolidation period (Box A - 650 trading day) so RM0.587 is a significant price level for REDTONE share price.
- REDSTONE shares price was unable to sustain trade above RM0.587 for three trading days due to significant selling pressure created by the investors who hold their position in Box A
- Meanwhile, we notice REDTONE MACD & RSI are oversold levels in Weekly and Monthly bar chart so we able to conclude REDSTONE shares price achieved its short term high level.
- With double bottom (W-shape) as a pricing reference, REDTONE completed its 1st level of measurement satisfaction point, RM0.594.
- REDTONE shares price movement is against MACD & RSI (Point A) which creates a deviation as well.
- If REDSTONE shares price can't sustain above RM0.555, EMA20 will start to head toward which lead selling force.
- As a conclusion, we believe RESTONE shares price tend to trade toward the gap (point B) and closed it in the midterm.
- Resistance level (1): RM0.568
- Support level (1): RM0.472
- Support level (2): RM0.430