Telekom Malaysia broke past the resistance level of RM4.54 in the latest session and continue to challenge its 1-year high. With the RSI above 70%, it may continue to move towards the next short-term target price of RM4.90 followed by RM5.20. If it dips below RM4.54, expect a sideway consolidation movement. In this case, support price is anticipated at RM4.20, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM4.54

Target: RM4.90, RM5.20 (time frame: 3-6 weeks)

Exit: RM4.20

Source: AmInvest Research - 23 Jul 2019