Ranhill Utilities may trend higher after it broke above the RM0.65 resistance with a long white candle yesterday. A new 52-week high coupled with its rising EMAs, additional upside strength may be present in the near term. A bullish bias may emerge above the RM0.65 level, with stop-loss set at RM0.59, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.73, followed by RM0.80.

Entry : RM0.65–0.675

Target : RM0.73, RM0.80

Exit : RM0.59

Source: AmInvest Research - 30 Aug 2023