RHB Investment Bank Bhd (RHB Research) has identified Sunway Construction Group Bhd and Hartalega Holdings Bhd as its latest technical trading ideas, citing improving price momentum and potential upside if key resistance levels are breached.
RHB Research said Sunway Construction is eyeing a bullish breakout after testing its immediate resistance with a bullish candlestick, adding that the stock had formed a “higher low” pattern, signalling that buying momentum is strengthening.
The research house said a decisive break above the RM7.60 resistance could pave the way for the counter to test RM7.90, followed by RM8.20.
However, it cautioned that a fall below the RM7.30 support level would signal a resumption of the stock’s correction phase.
Meanwhile, Hartalega is attempting a counter-trend rebound after testing its immediate resistance with a bullish candlestick, according to RHB Research.
The glove maker has been consolidating below the RM1.05 resistance level, with the research house saying a close above that mark would reinforce a bullish bias.
Should the breakout materialise, Hartalega could climb towards RM1.10 before extending gains to RM1.15, it said.
On the downside, RHB Research noted that a decline below the RM1.00 support level would likely see the stock resume its downward trend.
