Naked Chart Trading: YTL & YTLPOWR 30 Apr 2024
$YTL(4677.MY$ & $YTLPOWR(6742.MY$ both companies hit another record high yesterday. Both companies are also among the top gainers of KLCI component stocks since YTD. On top of strong fundamental base, I dig into their charting to identify where is the next resistance level, and is there any potential short term correction signal for me to enter at cheaper price.
$YTL(4677.MY$ Daily Chart
There is a strong support from buyers as (1) multiple higher highs & lows indicated a healthy bull trend so far and (2) green candles are outnumbered the red. In order to see a short term correction, will need to see more red candles like the history showed. That means, there is no retracement signal in daily chart for now.
I drawed a Fibo retracement/extension from Jan 2024 low to Mar 2024 high. In Q1 2024, the share prices completed a 50% retracement and continue its bull wave, with now testing 161.8% of around RM3.30. 200% located at around RM3.60. Any close below RM3 may trigger a potential shrot term correction signal.
$YTLPOWR(6742.MY$ Daily Chart
Similar to YTL's trend, YTLPOWR broke out from Q1 2024 sideway and continue its major bull trend. I drawed a Fibo retracement/extension using high and low in Jan 2024. The share prices now is also testing 161.8% RM4.90, with 200% located at RM5.20. Any close below RM4.40 likely to trigger a short term correction signal.
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Trading is a mirror that reflects everything about myself
交易就是一面反映自身一切的镜子
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102156902 : So if it's a good time to enter, will I have to wait and see, Master?
CY_GOH :
Entered too early
跟着我一起飞 CY_GOH: 5.15 is not far away, 4.80 is not too early to enter
Felix_16 : Is now a good time to enter?