RHB Investment Bank Bhd (RHB Research) has identified Mi Technovation Bhd and Velesto Energy Bhd as its latest technical stock picks after both counters broke above key resistance levels on strong trading volume.
RHB Research said Mi Technovation appeared poised to extend its bullish momentum after closing above the RM4.80 resistance level while printing a fresh higher high bullish candlestick, signalling that the uptrend remains intact.
The research house expects the stock to test the next resistance at RM5.10, followed by RM5.40 if buying momentum continues.
However, it said a decline below the RM4.50 support level would invalidate the bullish outlook and could trigger a corrective move.
Meanwhile, RHB Research said Velesto Energy is also showing signs of further upside after breaking above the RM0.28 resistance level on strong volume.
The counter printed a fresh bullish candlestick, indicating a positive bias has emerged, with the research house expecting the stock to climb towards RM0.31 before potentially testing RM0.34.
It added that a fall below the RM0.25 support level would signal a bearish breakout and could lead to further downside.
