Telekom Malaysia may trend higher after it surged to a 11-month high and closed above the RM5.15 resistance yesterday. In view that the 20-day and 50-day EMAs are starting to turn upwards, a positive outlook can be expected here. A bullish bias may emerge above the RM5.15 level, with stop-loss set at RM4.83, below the 3 Oct low. Towards the upside, near-term resistance level is seen at RM5.50, followed by RM5.80.

Entry : RM5.15–5.30

Target : RM5.50, RM5.80

Exit : RM4.83

Source: AmInvest Research - 8 Nov 2023