TM gained 18.0 sen to RM6.78 yesterday, rebounding strongly from its psychological support of RM6.50 to break its downtrend trajectory. Technically speaking, a “Bullish Engulfing Pattern” was formed in the daily technical picture suggesting that the bulls have taken control from the bears. Both Stochastic and RSI are reversing aggressively from their respective oversold territory, further reinforcing the reversal play. Thus, we advocate investors to look for another white candlestick in today trade, which will confirm the strong rebound signal. Should the buying interests persist, the share price is likely to rally towards RM6.93 (R1) and 7.15 (R2) next.
Source: Kenanga Research - 11 Jun 2015
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