TM trade ideas
Telekom Malaysia, way back to KLCI? TM, known as Malaysia first internet services provider in Malaysia.
It has falls more than 50% since Malaysia first new government election back in May 2018.
It have successfully made its first rebound on Nov 2019.
Those who have missed it, it have recently reacted at 0.618 Fibonacci Support.
With the major impairment made in last two QR, would it be a new chance for TM to climb back to it's glory?
*Disclaimer - This analysis is NOT a buy call Before you enter any trade in the financial market, it is very important that you have proper trading plan and risk management approaches.
TMBased on technical consideration, TM could be a good stock for a recovery play. If you choose to get into the stock now, please exercise careful discretion in view of current market weakness.
Telekom Malaysia Bhd up move expectedTelekom Malaysia Bhd up move expected. stock form higher high and breaks above resistance level of 2.47.Long position should be initiated with price TGT 2.70-2.90.
on false move keep closing position below 2.35.
TM 4863 is BEARISH Based on Daily Chart ,
1) Technically its very bearish in terms of trend + price action
2) Important level to look at now is 2.60 , if the price doesn't break above 2.60 there is no point of be bullish just yet
3) BULL chance ( 20% )
BEAR chance ( 80% )
Anticipating Rebound for TMTM stock has been tumbling since the beginning of the year due to facing some stiff competition with local internet service provider. It has at least bottomed at RM 3.010 level at the end of June. It however has been rallying since then, touching RM 4.005 level two times, the level which was considered as the previous swing high. Now it has potential to form an inverted head and shoulder pattern, with potential right shoulder being formed at around RM 3.600. If this is the case, it would be a buying opportunity upon breakout of the neckline. It is also interesting to see how market reacts at RM 3.600 level. So a reversal pattern at this level may confirm the reversal of trend will be inevitable.
TM If price come down to to RM3.60 (around -10%) from current trading price, likely to form a inverted H&S and may see buy signal. So far trendline still intact, TBC
Medium term trade - TM - Inverted Head & Shoulder PatternInverted Head & Shoulder / Bullish Reversal Pattern with RSI in the bullish region.
Take profit at R1, or slightly below. If price moved below S1, cut position.
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