KUALA LUMPUR: CIIMB Equities Research has a technical Buy call on YTL Power International at RM2.18, where it is trading at FY12P/E of 13.6 times and price-to-book of 2.1 times.
It said on Friday, June 17 YTL Power is still gyrating in a bullish wedge pattern but the bulls were slowly gaining strength.
'However, to avoid bulls trap, traders should wait for a push above the resistance trend line before going long,' it said.
CIMB Research said the MACD is poised for a positive crossover while RSI has also bounced off its lows. Once the RM2.22 level is taken out, the following resistance levels are RM2.33 and RM2.45.
'Although risk takers may start to nibble now, we would rather wait for a break above RM2.22 before taking any position. Be quick to trim loss if the RM2.12 level is violated,' it said.
It said on Friday, June 17 YTL Power is still gyrating in a bullish wedge pattern but the bulls were slowly gaining strength.
'However, to avoid bulls trap, traders should wait for a push above the resistance trend line before going long,' it said.
CIMB Research said the MACD is poised for a positive crossover while RSI has also bounced off its lows. Once the RM2.22 level is taken out, the following resistance levels are RM2.33 and RM2.45.
'Although risk takers may start to nibble now, we would rather wait for a break above RM2.22 before taking any position. Be quick to trim loss if the RM2.12 level is violated,' it said.
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