RHB Investment Bank Bhd (RHB Research) has flagged 99 Speed Mart Retail Holdings Bhd and Gamuda Bhd for further upside after both counters staged technical breakouts, with the research house maintaining a bullish view on their near-term trajectories.
For 99 Speed Mart, RHB Research said the counter could extend its bullish momentum after breaking above the RM3.65 resistance level. The stock is also trading above its 21-day simple moving average (SMA), supporting the bullish setup.
Following the breakout, RHB Research expects 99 Speed Mart to move towards the next resistance at RM3.85, followed by RM4. However, a fall below the RM3.50 support level would invalidate the bullish setup and signal a return to a correction phase.
Meanwhile, Gamuda is also seen extending its upward momentum after breaking above the RM4.40 resistance level.
RHB Research said the breakout points to strong bullish momentum, with the counter expected to head towards RM4.60 before potentially testing RM4.75.
On the downside, a breach of the RM4.25 support level would negate the bullish setup and trigger a correction phase.
