Rakuten Trade Research Reports

Technical View - YTL Corporation Bhd

Publish date: Wed, 28 Feb 2024, 11:22 AM
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YTL Corporation Bhd

  • Share price has surged 60% since our last technical buy call on 11 Dec 23.
  • YTL may extend its upward trajectory after touching a new 52 week high with a long white candle yesterday. With three consecutive white candles and improving EMAs, near-term bullish momentum appears intact. YTL recently formed a double bottom pattern and broke above the neckline at RM2.35, signalling a strong potential for a trend reversal.
  • We expect the positive momentum is set to steer the stock higher and test the next resistance level of RM2.85 (R1), followed by RM3.00 (R2) in near term.
  • On the downside, stop-loss is set at RM2.30, below the 20-days EMA.

Source: Rakuten Research - 28 Feb 2024

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