RHB Investment Bank Bhd (RHB Research) has identified Oppstar and UEM Sunrise as its latest technical stock picks after both counters broke above key resistance levels, signalling potential further gains.
According to the research house, Oppstar’s bullish momentum remains intact after the stock surged past the RM0.62 resistance level with a strong bullish candlestick formation. The breakout suggests a positive technical setup is underway, with the stock expected to test the next resistance levels at RM0.69 and subsequently RM0.75.
However, RHB Research said the bullish view would be invalidated if the stock falls below its support level of RM0.55, which could trigger a corrective move.
Meanwhile, UEM Sunrise is also expected to extend its upward momentum after breaking above the RM0.60 resistance level on strong trading volume.
The research house noted that the property developer formed a fresh bullish candlestick and closed above the resistance threshold, indicating strong buying interest and a continuation of the prevailing uptrend.
RHB Research expects UEM Sunrise to test the next resistance levels at RM0.64 and RM0.68 if the current momentum persists.
On the downside, the bullish technical outlook would be negated should the stock breach below its RM0.56 support level, which may trigger a reversal in sentiment and lead to further weakness.
