Telekom Malaysia crossed above the RM2.44 resistance level in its latest session. With a neutral RSI level, a bullish bias may be present above this point with a target price of RM2.64, followed by RM2.80. Meanwhile, it may continue trending sideways if it falls back below the RM2.44 mark in the near term. In this case, support is anticipated at RM2.25 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on further rebound above RM2.44

Target: RM2.64, RM2.80 (time frame: 3-6 weeks)

Exit: RM2.25

Source: AmInvest Research - 6 Dec 2018