Telekom Malaysia consolidated and touched the RM5.49 resistance level. With its RSI indicator in an uptrend, coupled with higher trading volume, there is a good chance it will break out and head towards the shortterm target price of RM5.68, followed by RM6.12. The downside support is marked at RM5.26. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM5.49

Target: RM5.68, RM6.12 (time frame: 2-4 weeks)

Exit: RM5.26

Source: AmInvest Research - 12 Jan 2021