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TELEKOM MALAYSIA BHD (TLMM:KL) extends gains, climbs as high as 4.2%

TELEKOM MALAYSIA BHD (TLMM:KL) extends gains, climbs as high as 4.2%

Investors’ appetite for Telekom Malaysia Bhd (TM) appears to be increasing, as the stock was climbing again to an intraday high of RM4.22 earlier today, or 4.2% higher than its closing price of RM4.05 yesterday.

As at 3.29pm, the counter, which was the sixth largest gainer among all Bursa securities, pared some gains to trade at RM4.21, up 16 sen or 3.95%, valuing it at RM15.71 billion.

Year-to-date, TM has rallied over 58%, from RM2.66 on Dec 31 last year.

The stock’s price shot up after the group released its quarterly financial result for its first quarter ended March 31, 2019 (1QFY19) on May 30, which saw TM’s net profit almost double to RM308.28 million, from RM157.16 million a year ago.

This was despite revenue falling 2.4% to RM2.78 billion during the period, from RM2.85 billion a year ago.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 3.41.

The projected upper bound is: 4.55.

The projected lower bound is: 3.83.

The projected closing price is: 4.19.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 2 black candles for a net of 5 white candles. During the past 50 bars, there have been 23 white candles and 20 black candles for a net of 3 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 74.1667. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 77.80. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 20 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 139.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 11 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 20 period(s) ago.

Rex Takasugi – TD Profile

TELEKOM MALAYSIA closed up 0.120 at 4.170. Volume was 175% above average (trending) and Bollinger Bands were 196% wider than normal.

Open High Low Close Volume___
4.040 4.260 4.010 4.170 18,069,100

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 3.91 3.16 2.91
Volatility: 44 73 56
Volume: 13,032,590 8,945,450 6,891,398

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

TELEKOM MALAYSIA is currently 43.5% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume into TLMM.KL (bullish). Our trend forecasting oscillators are currently bullish on TLMM.KL and have had this outlook for the last 16 periods. Our momentum oscillator is currently indicating that TLMM.KL is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

HEFFXhttp://www.heffx.com
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

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