YTL Power International is set to resume its uptrend movement after managing to reclaim above the MYR0.745 breakout level last Friday. Note that the stock initially broke above that level while printing a “White Marubozu” bullish candlestick last Tuesday, only to retreat below it the following session, before rebounding during Friday’s session. Hence, we expect the buying momentum to propel the stock towards the MYR0.745 next resistance, followed by MYR0.82 – its 52-week high. If it falls below the MYR0.71 support, the momentum may reverse as it forms a “lower low” bearish pattern, below the 21-day average line.
Source: RHB Securities Research - 5 Sept 2022
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Created by rhbinvest | Apr 23, 2024