Naked Chart Trading: YTLPOWR 6742 9 Apr 2024

$YTLPOWR(6742.MY)$ is one of the MY star stock in year 2023 as its prices went up more than double within a year. How will this star stock heading in year 2024?

Did an analysis on its weekly chart with Fibo extension:

YTLPOWR started its bull trend since its lowest during Covid time. That is where I marked the beginning of the Fibo as well. Share prices broke above sideway range and start a strong bull back in Apr 2023, saw some technical correction in Q4 2023 and followed by another bull wave.

YTLPOWR had its strongest gains in Jan 2024, especially on its announcement of collaboration with $NVIDIA(NVDA.US)$ , then price trend move into consolidation/trading range mode from around RM3.50-RM4.30

Currently YTLPOWR's trend is taking a break, indecisive and waiting for next wave, but still remain as one of the top traded stocks in turnover term

Based on Fibo analysis, I marked the 100% at highest in Q4 2023, where we can see the 200% around RM4 as current resistance level. Sustain above RM4 may lead to next Fibo extension level

Resistance
Immediate resistance level at high of the trading range which is around RM4.30. The next resistance level will be seen at Fibo 223.6% around RM4.40-RM4.50 level

Support
Immediate support at trading range low around RM3.40-RM3.50, close below may lead to Fibo retracement level RM3.30/RM3.10/RM2.90 and 50% of the retracement will be pointed at around RM2.30 level

Disclaimer
This content is for reference only and does not constitute any investment advice, 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.