Ranhill Utilities is poised to resume a bullish reversal, as it rebounded from the recent pullback, testing the MYR0.51 immediate resistance. Note that the stock has been trading above the 30-day average volume recently – indicating improved buying interest. If a breakout happens above the MYR0.51 level, the “higher high” bullish pattern would emerge, which may drive the stock towards MYR0.57, or its 52 week high, followed by the MYR0.65 mark. Towards the downside, falling beneath the MYR0.48 support would lead to a reversal of momentum, moving below the 21-day SMA line.

Source: RHB Securities Research - 10 Mar 2023