RHB Investment Bank Bhd (RHB Research) has identified Gamuda and Sarawak Oil Palms as its latest technical trading ideas, citing bullish breakouts that could pave the way for further gains in the near term.
According to the research house, Gamuda is poised to extend its upward momentum after breaking above the RM4.30 resistance level. The stock’s successful breakout signals strengthening bullish sentiment, with the counter expected to advance towards RM4.55 before potentially testing RM4.75.
RHB Research said the positive setup remains intact as long as Gamuda stays above its support level of RM4.10. A move below that threshold could trigger a correction phase and invalidate the bullish outlook.
Meanwhile, Sarawak Oil Palms has also emerged as a technical breakout candidate after closing above the RM4.45 resistance level. The plantation group printed a fresh bullish candlestick pattern, suggesting buying momentum remains strong.
The research house expects the counter to continue its upward trajectory towards RM4.65, with a further upside target of RM4.85 if momentum persists.
However, RHB Research noted that a decline below the RM4.25 support level would negate the positive trading setup and could lead to a price correction.
The research house said both counters are showing strong technical signals following their respective breakouts, making them among its preferred short-term trading ideas.
