RHB Investment Bank Bhd (RHB Research) has identified Malayan Cement Bhd and Mah Sing Group Bhd as its latest technical stock picks, citing improving price momentum and bullish chart patterns that could support further gains.
For Malayan Cement, the research house said the stock is attempting to extend its upward momentum after climbing further above the 21-day simple moving average (SMA). It noted that the counter formed a fresh bullish candlestick and closed above the RM6.45 resistance level, signalling a positive technical setup.
RHB Research expects the breakout to be followed by further gains towards RM6.80, with the next resistance seen at RM7.15. However, it said the bullish outlook would be negated if the stock falls below the RM6.10 support level.
Meanwhile, Mah Sing Group is also poised to continue its rally after breaking above a key resistance level.
The research house said the property developer formed a long bullish candlestick and closed above the RM0.98 resistance, indicating strong buying momentum.
It expects the stock to advance towards RM1.05 before potentially testing RM1.10. On the downside, RHB Research said a decline below the RM0.94 support level could trigger a price correction.
