Based on technical consideration, TM could be a good stock for a recovery play. If you choose to get into the stock now, please exercise careful discretion in view of current market weakness.
Telekom Malaysia Bhd up move expected. stock form higher high and breaks above resistance level of 2.47.Long position should be initiated with price TGT 2.70-2.90.
on false move keep closing position below 2.35.
Based on Daily Chart ,
1) Technically its very bearish in terms of trend + price action
2) Important level to look at now is 2.60 , if the price doesn't break above 2.60 there is no point of be bullish just yet
3) BULL chance ( 20% )
BEAR chance ( 80% )
TM stock has been tumbling since the beginning of the year due to facing some stiff competition with local internet service provider. It has at least bottomed at RM 3.010 level at the end of June. It however has been rallying since then, touching RM 4.005 level two times, the level which was considered as the previous swing high. Now it has potential to form an...
If price come down to to RM3.60 (around -10%) from current trading price, likely to form a inverted H&S and may see buy signal. So far trendline still intact, TBC
Inverted Head & Shoulder / Bullish Reversal Pattern with RSI in the bullish region.
Take profit at R1, or slightly below. If price moved below S1, cut position.
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