RHB Investment Bank Bhd (RHB Research) has highlighted a bullish trajectory for IGB REIT and Telekom Malaysia Bhd (TM), with both counters showing promising momentum in recent trading sessions.
The REIT has gained traction after breaking past the RM2.15 resistance on strong volume, charting a long white candlestick that signals bullish momentum. With this momentum, IGB REIT is projected to climb further, eyeing the next resistance levels at RM2.25 and RM2.35. However, a fall below the RM2.05 support level would invalidate this bullish setup and potentially trigger a correction phase.
TM is also exhibiting bullish momentum, testing immediate resistance at RM6.75. Friday's session saw a "higher low" candlestick, indicating strengthening momentum. A close above the RM6.75 resistance would confirm the bullish bias, paving the way for potential gains towards RM7 and RM7.35. Conversely, a drop below the RM6.40 support level would signal a return to the correction phase.
According to RHB Research, both counters present attractive setups for investors, contingent on their ability to maintain above their respective support levels.
