On the daily chart, TIME DOTCOM BERHAD (TIME) continues to show a prevailing negative bias, trading below both the 200-day and 62-day Moving Averages (MA). This is supported by mild bearish momentum, indicated by a negative Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) nearing the confirmation level, suggesting a potential continuation of the bearish trend. TIME's price is expected to challenge the support level at 4.96. A breach below this level could lead to a retest of the support at 4.72. Conversely, failure to breach the support at 4.96 may prompt a rebound, with the nearest resistance at 5.37. Our research house recommends a BUY call on TIME, with a target price of RM6.09.
 

Source: BIMB Securities Research - 17 Jul 2024