Telekom Malaysia may rise higher after it broke out from the 2-week bullish flag pattern yesterday. Coupled with the positive cross of its 20-day EMA above the 50-day EMA a few candles back, this bullish crossover has enhanced the near-term bullish momentum. A bullish bias may emerge above the RM5.00 level, with a stop-loss set at RM4.84, below the 6 Apr low. Towards the upside, the near-term resistance level is seen at RM5.40, followed by RM5.70.

Entry : RM5.00–5.09

Target : RM5.40, RM5.70

Exit : RM4.84

Source: AmInvest Research - 25 May 2023