TM broke above its downtrend line, RR at RM2.35 on November 29. After that breakout, TM remained at that price level for 2 days. Yesterday, TM broke above the horizontal line at RM2.47 as well as the psychological RM2.50 mark.
With these breakouts, TM is likely to begin its recovery provided it does not drop back below RM2.47-2.50. Based 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.
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Chart: TM's daily chart as at Dec 4, 2018 (Source: Malaysiastock.biz)
Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.
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