Journey to Wealth
Telekom Malaysia Bhd - A Major Breakdown
TM experienced a major technical breakdown last Friday as it violated the 100-day MAV line. This moving average line has become a crucial support line for the stock after it successfully rebounded off the line for four times since mid-2011, as highlighted by the circles in the chart. Hence, the stock's recent failure to hold up this line led to heavy selling pressure.
Judging by the selling momentum, it seems like TM's share price could retrace further, potentially towards the 200-day MAV line, which is another meaningful moving average line for the stock. As highlighted by the triangles in the chart, the stock rebounded twice off the 200-day MAV line before, once in late 2010 and another in 2011.
Should the share price retrace towards the 200-day MAV line, we will see if TM could build a new base above the line. If not, another violation of this line will likely see the stock retrace further, possibly towards the RM5.21 low recorded in May 2012.
Meanwhile, we have drawn a short-term downtrend line to gauge when the correction will come to and. A crack above the downtrend line will likely signal the end of the correction phase.
The 200-day MAV line, which now lies at the RM5.56 level, is now the immediate strong support, followed by May 2012's low of RM5.21 level. To the upside, look for the 100-day MAV line or the RM5.93 level as the immediate resistance. Next resistance is seen at the RM6.16 level.
Source: OSK
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Be the first to like this. Showing 4 of 4 comments
You All are too complesant about this counter...I also know that the holding cost for this counter is FOC for the Govt ...Khazanah. So NTA is RM2.15. So GE 13 is coming ..Govt needs money. All the payouts have already been made...is several Billions RM back 2 Khazanah. Now left little only that's why a big waterfall and more to come ....probably back to square one after 11 MARCH 2008 GE 12 price . At any price the Big Boys will make $$$ one because their shares is Free Of Charge after playing for 4 1/2 years. So becareful of falling knife & stale rebound...thinking it is cheap. Must think like the Operator. Eg Just look at MAS , MISC, MHB etc for your reference.
2012-11-06 01:20
As of 7 Sept 12 till now it has form a head & shoulder pattern sloping down on the right if the base line is drawn...trade with utmost care...sold allmy portfolio arround RM 6.++. Earned nearly 200% Profit for 4 years
2012-11-06 01:31
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Taugeh
You know the dividends are good, you know it will go up, you know if you sell..everybody will buy and it will never look back..since a long long long....time ago...
A lot of people have been waiting to buy at this price ...
no matter how far it goes down..it will up again and higher..you know i know...many people know...local fund managers know...foreign fund managers know...EPF...aiya...so many ...well..i know I'll gradually buy bits by bits lah..
2012-11-05 18:37