RHB Investment Bank Bhd (RHB Research) has identified Johor Plantations Group Bhd and MClean Technologies Bhd as technical trading ideas, citing strong bullish momentum in both counters following key resistance breakouts.
Johor Plantations is expected to extend its upward trajectory after climbing above the RM1.68 resistance level on high trading volume. According to RHB Research, the breakout signals strong bullish momentum, with the stock potentially testing the next resistance levels of RM1.78 and RM1.86.
The research house noted that the bullish setup remains intact as long as the counter stays above its RM1.60 support level. A breach below that level would invalidate the positive technical outlook.
Meanwhile, MClean Technologies is also showing signs of strengthening momentum after staging an upside breakout above the RM0.65 resistance level on strong volume.
RHB Research said the stock closed above the breakout point on a bullish candlestick pattern, indicating growing buying interest. If the counter sustains its position above RM0.65, it could advance towards RM0.70 and subsequently RM0.75.
However, the research house cautioned that a decline below the RM0.60 support level could weaken market sentiment and trigger a correction.
