Ranhill Utilities broke out from its 6-week bullish flag pattern on Friday, implying that its previous uptrend may have resumed. The stock’s move above the RM0.90 resistance coupled with its rising EMAs, indicates that the near term upward momentum may persist. A bullish bias may emerge above the RM0.90 level, with a stop-loss set at RM0.85, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM1.00, followed by RM1.10.
Entry : RM0.90–0.94
Target : RM1.00, RM1.10
Exit : RM0.85
Source: AmInvest Research - 18 Dec 2023
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