RHB Investment Bank Bhd (RHB Research) has identified Hong Leong Bank Bhd and Farm Fresh Bhd as its latest stock picks, citing bullish technical signals and the potential for further gains.
According to the research house, Hong Leong Bank has extended its rally with a strong breakout above the RM21.80 resistance level, backed by elevated trading volume.
RHB Research said the move reinforces the counter’s bullish momentum and positions it to test the next resistance at RM23, followed by RM23.80.
However, it noted that a fall below the RM21 support level would invalidate the positive outlook and open the door for a correction.
Meanwhile, Farm Fresh is resuming its upward trajectory after staging a bullish breakout above the RM2.40 threshold.
The research house said the stock’s latest bullish candlestick signals a shift towards positive momentum, suggesting follow-through strength could emerge as buying pressure builds.
Should the bullish momentum continue, Farm Fresh could climb towards the next resistance at RM2.60, with a further upside target of RM2.80.
On the downside, RHB Research said a decline below RM2.25 would negate the bullish setup and trigger a correction.
