RHB Investment Bank Bhd (RHB Research) has identified UWC Bhd and Allianz Malaysia Bhd as its latest technical stock picks, citing bullish chart patterns and breakout signals on both counters.
According to the research house, UWC’s uptrend could extend further after the stock staged a northward breakout above the RM5.45 resistance level. The analysts said the counter formed a bullish white candlestick, signalling strengthening momentum and increasing buying interest.
RHB Research expects follow-through buying to push UWC towards the next resistance levels of RM5.80 and RM6.15. However, the bullish setup would be invalidated if the stock falls below the RM5.10 support level.
Meanwhile, Allianz Malaysia is seen approaching a potential technical breakout after testing its immediate resistance with another bullish candlestick formation.
The brokerage noted that the stock continued to trade above its 21-day simple moving average line, suggesting that bullish momentum is gaining traction.
Should Allianz Malaysia break above the RM21.50 resistance level, RHB Research expects the stock to advance further towards RM22.30 followed by RM22.80.
The positive outlook would weaken if the counter slips below the RM21 support level, according to the analysts.
