RHB Investment Bank Bhd (RHB Research) has identified YTL Corp Bhd and Solarvest Bhd as its latest technical stock picks after both counters broke above key resistance levels on strong trading volume.
The research house said YTL Corp is attempting to extend its bullish trend after closing above the RM2.15 resistance, supported by a long bullish candlestick that signals strengthening buying momentum.
It expects the stock to climb towards RM2.30 initially, with the next upside target at RM2.45.
However, RHB Research said the bullish outlook would be invalidated should the counter fall below the RM2 support level.
Meanwhile, Solarvest is also expected to continue its upward momentum after staging a bullish breakout above the RM3.15 resistance during the previous trading session.
The research house noted that the stock’s strong bullish candlestick, accompanied by higher trading volume, indicates sustained buying interest.
Following the breakout, Solarvest is projected to test RM3.35 before potentially advancing to RM3.55.
On the downside, RHB Research said a decline below the RM2.95 support level could weaken market sentiment and trigger a price correction.
