TOMCL - Testing Break Down LevelTOMCL - Testing Break Down Level
TOMCL Technical Analysis Overview:
TOMCL is currently undergoing a critical testing phase, as it grapples with a bearish trend spanning nearly two years. Investors are advised to exercise caution and remain vigilant regarding key price levels.
Immediate Support at 21.40: It's important to note that a sustained trading position above the 21.40 mark is essential for potential positive momentum. Investors should closely monitor this level.
Inner Channel Vulnerability at 19.77: Should TOMCL breach the inner channel support at 19.77, there is a likelihood of a price test at the 18.00 level, which aligns with the parallel channel support.
Further Downside Risk: A breach of the 18.00 level may open the door to a significant downward correction, with potential targets at 15.20 and 14.60.
Bearish Divergence in Indicators: It's worth noting that indicators are displaying a bearish divergence, further underscoring the cautious sentiment surrounding TOMCL's current trajectory.
In summary, TOMCL is facing a critical juncture in its price action, and investors should closely monitor the key support and resistance levels outlined here. Prudent risk management and vigilance are advisable in light of the prevailing bearish trend and bearish divergence in indicators.
