Ranhill Utilities Bhd

• Share price has surged 29% since our last technical buy call on 29 April 2024.

• RANHILL may trend higher after it broke out from the two weeks bullish flag pattern with a long white candle last Friday. In view of the stock hitting a new 52 week high with a second consecutive white candle, a positive outlook is expected in the near term.

• We expect the improving momentum to steer the stock higher and test the next level of resistance of RM1.53 (R1) and RM1.65 (R2) in the near term.

• On the downside, stop-loss is set at RM1.24.

Source: Rakuten Research - 27 May 2024

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