Telekom Malaysia is set to bounce off from a recent pullback, after a “Bullish Marubozu” emerged last Friday, on strong trading volume. Supported by a “higher low” pattern formed above its 21- day SMA line, the bullish momentum should appear if it breaches above the immediate resistance marked at MYR6.20. If this happens, the bulls may lift the stock towards the MYR6.54 and MYR6.70 resistance levels. That said, breaching below the MYR5.91 support level may cancel this expectation.

Source: RHB Securities Research - 8 Jun 2021