YTL Power International
In RHB Research’s technical analysis report (September 5), YTL Power is set to resume its uptrend movement after managing to reclaim above the MYR0.745 breakout level last Friday. Note 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, it is expected the buying momentum to propel the stock towards the MYR0.745 next resistance, followed by MYR0.82 – its 52-week high. If it falls below the MYR0.71 support, the momentum may reverse as it forms a “lower low” bearish pattern, below the 21-day
average line.
Computer Forms
This counter is set to reclaim its 52-week high after breaking past the MYR1.13 immediate resistance on improved trading volume – forming a “higher high” bullish pattern above the 21-day average line. If the breakout sustains, the uptrend movement would continue to chart towards the next resistance level of MYR1.20, which is the 52-week high. This is then followed by the MYR1.35 multi-year high – its highest level since Sep 1996. However, the stock may reverse if it falls below the MYR1.09 support – as it may form a “lower low” bearish pattern.
