TM 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.
Comment:
A bullish counterattack has formed (although the size of candle's body is not as big as the candle on previous trading session). I have placed partial buy order at this level.
Comment:
There is a drop observed in TM stock, potentially due to profit taking. I'm still bullish as long as the price is above 3.610. If it drops below it, that's it. I will unwatch this stock.