Ranhill Utilities Bhd (RANHILL, 5272)

• RANHILL may extend it upward trajectory after breaking out from its bullish wedge pattern lastThursday. In view of the stock bouncing off the 20-day EMA with a third consecutive white candle, a positive outlook is expected in the near term. In addition, the 20-day EMA and 50-day EMA are converging thus likely to confirm a bullish crossover soon. This has further enhanced the near-term bullish momentum.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM1.19 (R1) and RM1.26 (R2) in the near term.

• On the downside, stop-loss is set at RM0.99.
  

Source: Rakuten Research - 29 Apr 2024

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