Telekom Malaysia’s buying interest is back after it broke out of the 1-month bullish pennant pattern with a long white candle 2 sessions ago. The stock hit its new 52-week high and left an upside gap, which indicates a bullish signal. A bullish bias may emerge above the RM5.90 level with stop-loss set at RM5.73, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM6.30, followed by RM6.60

Entry : RM5.90–6.02

Target : RM6.30, RM6.60

Exit : RM5.73

Source: AmInvest Research - 28 Feb 2024