Telekom Malaysia set to bounce off from recent pullback, says RHB Retail Research

KUALA LUMPUR (June 8): RHB Retail Research said Telekom Malaysia Bhd is set to bounce off from a recent pullback, after a “Bullish Marubozu” emerged last Friday, on strong trading volume.

In a trading stocks note today, the research house said that 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 RM6.20.

“If this happens, the bulls may lift the stock towards the RM6.54 and RM6.70 resistance levels.

“That said, breaching below the RM5.91 support level may cancel this expectation,” it said.

Source: TheEdgeMarkets