KUALA LUMPUR (Sept 5): RHB Retail Research said YTL Power International Bhd is set to resume its uptrend movement after managing to reclaim above the 74.5 sen breakout level last Friday (Sept 2).
In a trading stocks note on Monday, the research house said that the stock initially broke above that level while printing a “White Marubozu” bullish candlestick last Tuesday, only to retreat below it the following session, before rebounding during Friday’s session.
“Hence, we expect the buying momentum to propel the stock towards the 74.5 sen next resistance, followed by 82 sen — its 52-week high.
“If it falls below the 71 sen support, the momentum may reverse as it forms a 'lower low' bearish pattern, below the 21-day average line,” it said.