RHB Investment Bank Bhd (RHB Research) sees fresh upside opportunities in Well Chip Group Bhd and Malaysian Pacific Industries Bhd (MPI) after both counters broke past key resistance levels on strong trading volume.
The research house noted that Well Chip Group has resumed its upward momentum after closing above RM1.60. RHB Research said this positive price action signals that bullish momentum is taking hold, with potential for the stock to advance towards RM1.70 and subsequently RM1.80 if buying interest persists.
However, it cautioned that any fall below the RM1.50 support level may weaken sentiment and expose the counter to further retracements.
Meanwhile, Malaysian Pacific Industries is poised to extend its ongoing uptrend after surpassing the RM33 breakout point on high volume. RHB Research said holding above this level reinforces a bullish continuation pattern, opening the path towards RM34.50, followed by RM36.
A drop below RM31.50, however, would invalidate the positive setup and signal the possibility of a pullback.
