Telekom Malaysia in a downtrend, says AllianceDBS Research

Telekom Malaysia in a downtrend, says AllianceDBS Research

Telekom Malaysia in a downtrend, says AllianceDBS Research

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KUALA LUMPUR (June 1): AllianceDBS Research said Telekom Malaysia Bhd (TM) had on May 31 traded within previous day’s range to form an inside day bar before closing at RM3.67 (up 4 sen or 1.10%).

In its evening edition Thursday, the research house said TM continued to trade below the 20-day (blue) and 50-day (red) moving average lines.

“The inside day bar indicated a breather in the game play.

“Following the up close on May 31, the stock is likely to move higher with immediate hurdle at RM3.82.

“A rise above RM3.82 would lift the stock to the next resistance zone, RM4.05 – RM4.25.

“The support is pegged at RM3.62. A fall below RM3.62 should see further price decline to the subsequent support zone, RM3.30 – RM3.40,” it said.

AllianceDBD Research said stock volume traded on May 31 was 35.2 million shares compared to the 3-month average volume of 3.67 million shares.