Rakuten Trade Research Reports

Technical View - YTL Corporation Bhd

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Publish date: Mon, 11 Dec 2023, 08:39 AM
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YTL Corporation Bhd

  • YTL may trend higher after it surge to a new 52 week high with a long white candle to close above the RM1.62 resistance last Friday. Given the supportive technical reading in RSI along with a gradual rise in trading volume, coupled with improving EMAs, the uptrend may continue in the near term.
  • We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM1.77 (R1), followed by RM1.83 (R2) in near term.
  • On the downside, stop-loss is set at RM1.51, below the 20-days EMA.
  • Fundamentally, YTL Power International Bhd's collaboration with NVIDIA Corp to build advanced AI infrastructure, bringing the fastest supercomputers to Malaysia by mid-2024, is expected to positively impact market sentiment for YTL.

Source: Rakuten Research - 11 Dec 2023

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