YTL Corporation’s buying momentum is back after it broke out of the 2-month bullish rectangle pattern with a long white candle yesterday. The stock’s move above the key RM2.80 resistance also coincides with a new multi-year high, indicating that a bullish outlook can be anticipated here. A bullish bias may emerge above the RM2.80 level with stop-loss set at RM2.65, below the 20- day EMA. Towards the upside, near-term resistance level is seen at RM3.30, followed by RM3.50.

Entry : RM2.80–3.03

Target : RM3.30, RM3.50

Exit : RM2.65

Source: AmInvest Research - 29 Apr 2024