RHB Investment Bank Bhd (RHB Research) has identified Greatech Technology and Northeast Group as trading ideas after both counters staged bullish technical breakouts.
The research house said Greatech Technology is attempting to extend its bullish trajectory after breaking above the RM2.55 resistance level and forming a fresh “higher high” pattern.
RHB Research said the stock’s strong momentum could see it test the next resistance at RM2.75, followed by RM2.95. However, it noted that a fall below the RM2.35 support level may trigger a correction.
Meanwhile, Northeast Group was flagged for a potential continuation of its upside movement after recording a bullish breakout on strong trading volume.
The stock closed above the RM0.91 resistance level after printing a long bullish candlestick, signalling that bullish momentum remains intact, according to the research house.
RHB Research expects Northeast Group to test the RM0.98 level next, followed by RM1.05 if buying momentum persists. On the downside, a drop below the RM0.84 support level could weaken market sentiment and spark a correction phase.
