Rakuten Trade Research Reports
Technical View - Ranhill Utilities Bhd
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Publish date: Mon, 29 Apr 2024, 10:22 AM
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All materials published here are prepared by Rakuten Trade. For latest offers on Rakuten Trade products and news, please refer to: https://www.rakutentrade.my/
To sign up for an account: http://bit.ly/40BNqKI
Rakuten Trade
Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
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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