Dec 13, 2011

Telekom Malaysia –Technical Buy

Telekom Malaysia  stock code 4863)– Trading/Services – RM4.55.

Telekom Malaysia was a trading buy last month when the candle broke out of the uptrend channelat RM4.30 and the candles made a decisive breach before undergoing a brief consolidation period. Thereafter, the candles resumed its strong climb over the past few sessions to settle at RM4.55 yesterday.

TM Technical Daily chart:


Its core indicators are on the climb again and above their respective upper limit lines, while the MACD  has  crossed  the  trigger  line  on  the  upside. Collectively,  the  above  positive  is  leaving  the bullish  outlook  intact  for  now.  Its  technical  indicators  are  still  looking  positive  with  resistance  at RM4.70. Support, meanwhile, is at RM4.40.

by Mercury Securities