shares recovered from a “double-bottom” formation of 41 sen on Nov 20, last year to achieve an eight-month high of 87.5 sen on May 11 on continuous bargain-hunting nibbling. Thereafter, the upward thrust paused for a breather, which saw prices drifting sideways to marginally lower owing to an apparent mild profit-taking activity. The stock ended at an intra-day low of 75 sen, down 2.5 sen yesterday. Based on the daily bar chart, the mending process of YTL Land remained constructive despite the recent weakness, with the ascending short-term 14-day and 21-day simple moving averages, resting at 74 sen and 72 sen respectively, supporting prices.
The daily moving average convergence/divergence histogram still was trending above the daily signal line to retain the bullish note. It flashed a buy earlier this month.Meanwhile, the 14-day relative strength index had indicated a tentative ticking up pictogram after pulling back from the overbought zone to the mid-range.
In stark contrast, the daily stochastic momentum index sustained the downward momentum, dropping from the top to the neutral territory.
Technically, it looks like the recent overbought condition of this stock has been fully neutralised. Hence, it is about time prices resume their scaling. A decisive push above the recent peak of 87.5 sen may clear the path for YTL Land to challenge the RM1 psychological resistance line.The next upper hurdle is resting at RM1.23.
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