RHB Investment Bank Bhd (RHB Research) expects further upside for ViTrox Corporation Bhd and UUE Holdings Bhd after both counters recorded bullish technical breakouts.
For ViTrox, RHB Research said the stock is poised to extend its bullish trajectory after breaking above the RM9.15 resistance level.
The stock formed a bullish candlestick and closed above the resistance, while rising trading volume alongside the share price pointed to strengthening buying momentum.
RHB Research expects the counter to climb towards RM9.80, with a higher resistance level at RM10.45.
However, a breach of the RM8.50 support level would invalidate the bullish setup and potentially signal a resumption of the correction phase.
Meanwhile, UUE Holdings could extend its uptrend after breaking above the RM0.59 resistance level.
RHB Research said the counter printed a long bullish candlestick and closed above the resistance, indicating that buyers are gaining pace.
As long as the stock sustains above the breakout point, the momentum could lift it towards RM0.63, followed by RM0.65.
The bullish setup would be invalidated if UUE Holdings falls below the RM0.57 support level, potentially opening the way for a correction.
