KUALA LUMPUR (Nov 22): RHB Retail Research said Yinson Holdings Bhd is set to rebound towards its 10-week high as it bounced off its 21-day average line while reclaiming above the RM2.22 previous breakout – this follows the recent pullback.
In a trading stocks note today, the research house said that since it has formed a “higher low” bullish pattern above the average line, the bullish momentum above the breakout level may continue to dominate – propelling the stock towards the 10-week high of RM2.37, which was Sept 15’s high.
“This is followed by RM2.52, ie the highest level since Jan 13.
“Conversely, the momentum may lose steam if the counter falls below the RM2.18 support, forming a “lower low” bearish structure beneath the average line,” it said.