KUALA LUMPUR (Feb 15): AllianceDBS Research said Telekom Malaysia Bhd (TM) was consolidating and that TM had on Feb 12 traded higher to RM6.74 on opening bell before closing unchanged at RM6.59.

In its evening edition last Friday, the research house said TM continued to swing around the 20-day and 50-day moving average lines since Jan 4.

“Given the recent share price behaviour, the stock is likely to move between RM6.74 and RM6.44 in the coming few days.

“A crossover of RM6.74 should see further price rise to the next overhead resistance zone, RM7.00–RM7.10.

“However, a fall below RM6.44 would put pressure on the stock down to the subsequent support at RM6.30,” it said.

AllianceDBS Research said stock volume traded on Feb 12 was 4.76 million shares compared to the three-month average volume of 5.89 million shares.

The research house said that indicators wise, the MACD was marginally above the nine-day moving average line with the "buy" signal remaining intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.