6315 Towa Corp's uptrend has been intact since March 2020. Despite a correction since 27 May 2024, the correction has come to an end after the stock broke above the falling wedge. Furthermore, the latest price action shows a closure above the ichimoku Kumo, which confirms the three bullish golden cross. The latest cross above 1,921 resistance turned support marks the possible start of a renewed uptrend, where higher high and low was spotted.
Momentum is strong across the Long-term MACD, mid-term Stochastic Oscillator, where it has confirmed the oversold crossover. Moreover, 23-period ROC has risen strongly above the zero line.
Volume remain in a healthy expansion and directional movement index is showing strong positive bullish strength.
Hence, we are considering buying on spot or buy on pullback at 1,563. Target will be in different stages. 1st TP is 2,687 and final TP is 6,520
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