RHB Investment Bank Bhd’s research arm has flagged Kelington Group Bhd and Mi Technovation Bhd for potential further gains as both counters show signs of strengthening bullish momentum.
For Kelington Group, RHB Research said the stock could extend its upward movement after breaking above the consolidation zone resistance at RM8.30 on Friday.
The counter recorded its third consecutive bullish candlestick, signalling continued buying momentum. RHB Research expects the stock to move towards RM8.70 before potentially advancing to RM9.
However, a fall below the RM8 support level would invalidate the bullish setup and could trigger a corrective pullback.
Meanwhile, Mi Technovation is eyeing a potential bullish breakout after testing its immediate resistance with a bullish candlestick.
RHB Research noted that the counter recently formed a “higher low” candlestick, suggesting that bullish momentum is returning.
A close above the RM5.60 resistance would confirm the bullish setup, with the stock then potentially climbing towards RM5.90 followed by RM6.20.
On the downside, a breach of the RM5.30 support could trigger a correction phase.
