YTLPOWR: Bottomed Out?

$YTLPOWR (6742.MY)$ Since breaking out towards the RM 5.44 all time high levels, been retracing over the past 3-4 months here, heading all the way back towards its RM 3 major support levels on the weekly chart.

The selling pressure increased after MACC launched investigations on its subsidiary YTL Communications on the 1Bestarinet issue.

Naturally when MACC is involved, investors will be spooked out and start selling.

I have no doubt that YTLPOWR will deliver strong earnings in the many quarters to come. Just look at how most of the analysts have strong buy calls on it with high target prices.

That said, based on its weekly chart, it's showing a temporary support now at RM 3 but still not strong enough to breakout from its RM 3.60+ main downtrend resistance levels. For now, it's on a short-mid term downtrend.

This shouldn't come off as too surprising as the stock rallied over 650% during 2023-2024. Retracing for a few months to find its mid term higher low region is normal from a technical point of view.

I don't see any buying point for now yet. It's kind of stuck in the middle. If unable to breakout from its RM 3.60 main downtrend resistance, could retrace further down towards the RM 2.40 main support levels in the coming weeks-months.

Support: RM 3.20, RM 3, RM 2.80, RM 2.60, RM 2.40 areas
Resistance: RM 3.50, RM 3.60, RM 3.80, RM 4 areas