YTLPOWR’s technical picture looks positive as the share price is approaching the long-term uptrend channel resistance and previous high @RM1.86. In fact, buying interest seems to be gaining traction as all indicators are mostly biased to the upside with active trading volume. Should the uptrend resistance is taken out in a decisive manner, we suspect YTLPOWR may form a new bullish picture as the share price may potentially end its 3 years down-trend direction since Nov-2010. Meanwhile, a protective support is pegged at RM1.77 (20-day SMA).

 

Source: Kenanga