RHB Investment Bank Bhd (RHB Research) has identified Johor Plantations Group Bhd and SP Setia Bhd as technical stock picks with potential for further gains.
According to the research house, Johor Plantations is testing the RM2 resistance after a recent consolidation. A breakout above this level could trigger a bullish move towards RM2.10 and RM2.20. However, a drop below RM1.90 would signal a resumption of the correction phase.
As for SP Setia, RHB Research said the stock has broken above the 94 sen resistance, reinforcing its bullish technical setup. As long as the stock holds above the breakout level, it could advance towards RM1 and RM1.05. A breach of the 90 sen support would invalidate the positive setup and raise the risk of a pullback.
