After breaking out from its Fibonacci resistance of RM6.58, TM’s share price went up further with a 18.0 sen gain registered yesterday to close at RM6.86. Trend still looks bullish with its share price hovering above all 3 key SMAs while MACD is seen diverging further positively from the Signal line. Buying interest remains strong with Stochastic seen hooking up albeit in slightly overbought territory. Should buying momentum persist, its share price could test the RM7.15 (R1) soon and possibly RM7.33 (R2) next. However, traders are advocated to employ a strict stop loss at 3 bids below RM6.58 (S1).

 

 

Source: Kenanga