RHB Investment Bank Bhd (RHB Research) has highlighted QL Resources Bhd and Hengyuan Refining Company Bhd as its latest technical trading ideas, citing strengthening bullish momentum and potential breakout opportunities.
According to the research house, QL Resources is approaching a bullish breakout after testing its immediate resistance level. The stock recently formed a higher-low structure, signalling that buying momentum is gaining traction.
RHB Research said a close above the RM3.70 resistance level would confirm the bullish setup, potentially paving the way for the share price to advance towards RM3.90 before testing RM4.10. However, a decline below the RM3.50 support level could trigger a correction phase and weaken the positive outlook.
Meanwhile, Hengyuan Refining Company is expected to enjoy further gains after successfully breaking above the RM1.30 resistance level.
The research house noted that the counter formed a bullish candlestick pattern and closed above the key resistance, indicating positive underlying momentum. Following the breakout, the stock may continue its upward trajectory towards RM1.40 and subsequently RM1.50.
RHB Research added that the bullish outlook for Hengyuan would be invalidated if the share price falls below the RM1.20 support level.
