We expect further upside for Ranhill Utilities after it pushed above the RM0.60 psychological mark and hit a new 52-week high yesterday. Given that the stock has broken out from the 1-week bullish pennant pattern, the uptrend may continue in the near term. A bullish bias may emerge above the RM0.60 level, with a stop-loss set at RM0.56, below the 17 April low. Towards the upside, the near-term resistance level is seen at RM0.70, followed by RM0.73.

Entry : RM0.60–0.635

Target : RM0.70, RM0.73

Exit : RM0.56

Source: AmInvest Research - 27 Apr 2023