We expect further upside for Ranhill Utilities after it broke out from a 2-week bullish flag pattern yesterday. The stock also posted 3 white candles in a row and hit its 52-week high, likely suggesting that upward momentum is picking up further. A bullish bias may emerge above the RM1.15 level, with stop-loss set at RM1.03, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM1.40, followed by RM1.50.

Entry : RM1.15–1.23

Target : RM1.40, RM1.50

Exit : RM1.03

Source: AmInvest Research - 17 Jan 2024