We expect further upside for Ranhill Utilities given that it took out the 3-month downtrend line yesterday. As its 20-day and 50- day EMAs are converging now and likely to turn up soon, the bullish momentum is rising. A bullish bias may emerge above the RM0.55 level, with stop-loss set at RM0.51, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM0.60, followed by RM0.65.

Entry : RM0.55–0.565

Target : RM0.60, RM0.65

Exit : RM0.51

Source: AmInvest Research - 26 Jul 2023