Telekom Malaysia Berhad (TM, 4863)

• TM may extend its uptrend after breaking out of its 4.5-month downward channel and surpassingits key resistance level of RM6.62 last Friday. The bullish crossover between the 20-day and 50-day EMAs is likely to confirm a trend reversal soon. Hence, further enhances its upward trajectory, paving the way for additional upside in the near term.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM6.84(R1) followed by RM7.03 (R2) in the near term.

• On the downside, stop-loss is set at RM6.47.

Source: Rakuten Research - 16 Dec 2024

To sign up for an account: http://bit.ly/40BNqKI

[Youtube Tutorial] Account Opening & Enable Foreign Equity: http://bit.ly/3I5Jzxo