Thursday, March 14, 2019
Timecom: Uptrend Resumed
Timecom has been valued at around RM10.00 by BIMB Securities and Hong Leong Investment Bank (here and here). When it was trading at around RM7.50-8.00 in the second half of 2018, I have been keeping an eye on the stock.
Chart 1: Timecom's weekly chart as at Mar 13, 2019 (Source: Malaysiastock.biz)
On March 4, it broke above the horizontal line at RM8.50, and consolidated around that price level for the next 3-4 days. On March 8, it began rising cautiously. Today it surpassed the intraday high of RM8.66 recorded on Mar 4, and closed at RM8.70.
Chart 2: Timecom's daily chart as at Mar 13, 2019 (Source: Malaysiastock.biz)
Based on the technical analysis, Timecom is poised to continue with its prior uptrend.