YTL Corp may stage follow-through rebound on earnings report

YTL Corp may stage follow-through rebound Published: 2011/05/27 Overall market sentiment on Bursa Malaysia improved considerably yesterday. Advancers outpaced decliners by 417 to 322. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded from its intra-day low of 1,538.35 to its intra-day high of 1,543.63 yesterday. It closed at 1,540.94 points, giving a day-on-day gain of 7.37 points. YTL Corporation Bhd (YTL) staged a technical rebound yesterday. Its daily price trend rebounded to RM1.62, giving a day-on-day gain of 6 sen. Chartwise, YTL's 60-minute price trend fell from its high of RM1.75 on April 26, all the way up to its intra-day low of RM1.55 on Tuesday, posting a loss of 20 sen. Its 60-minute price trend staged a technical breakout of its intermediate-term downtrend (B1:B2) yesterday and stayed above it while, its 60-minute fast MACD (moving average convergence divergence) stayed above its 60-minute slow MACD yesterday. Both of its 60-minute fast and slow MACDs continued to stay above their respective  neutral reference lines. YTL's 60-minute price trend is likely to stage a follow-through technical rebound, likely to re-challenge its overhead resistance zone. The subject expressed above is based on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.