Redtone: Sultan on Board!

Redtone broke to the upside of its "ascending triangle: (ABC) at RM0.83 yesterday. This morning, it rallied to an intra-day high of RM0.90. We saw in the Star newspaper that the Sultan of Johor has raised his stake in the company from 4.8% to 20% (here). Is this a precursor to a corporate move by the Sultan of Johor? We will have to wait & see.


Chart: Redtone's weekly chart as at Mar 17, 2015_10.30am (Source: ShareInvestor.com)

Based on the upside breakout of the "ascending triangle", it is likely that Redtone may commence its upleg soon.

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Redtone.