RHB Investment Bank Bhd has identified Petronas Chemicals Group Bhd and Northeast Group Bhd as its latest technical stock picks after both counters broke above key resistance levels amid strengthening momentum.
According to RHB Research, Petronas Chemicals appears poised to extend its uptrend after closing above the RM5.70 resistance level. The stock formed a fresh bullish candlestick while trading volume increased alongside the share price, signalling growing buying interest.
The research house said the counter could advance towards RM6.10 in the near term, with the next upside target at RM6.50 if bullish momentum remains intact.
However, it noted that a decline below the RM5.30 support level could trigger a correction and weaken the positive technical outlook.
Meanwhile, Northeast Group is showing signs of resuming its bullish trajectory after staging a breakout above the RM0.98 resistance level on strong trading volume.
RHB Research said the counter printed a long bullish candlestick, indicating strong upward momentum and renewed investor interest.
The stock is expected to target RM1.05 initially, followed by RM1.12 should buying momentum continue.
On the downside, the research house said a fall below the RM0.91 support level would invalidate the bullish setup and potentially lead to a correction.
