RHB Investment Bank Bhd (RHB Research) has identified YTL Power International Bhd and UWC Bhd as stocks with potential for further upside, citing bullish technical setups and strengthening buying momentum.
For YTL Power International, RHB Research said the counter is gaining traction to extend its upward movement after breaching the RM4.95 resistance level on a bullish candlestick.
The stock closed above the RM4.95 resistance to form a fresh “higher high” closing, reaffirming its bullish rebound structure and signalling that positive momentum remains intact.
Amid improving market sentiment, RHB Research expects the counter to climb towards the next resistance at RM5.25, followed by RM5.50.
However, a fall below the RM4.70 support level would dampen the bullish sentiment and potentially trigger a correction.
Meanwhile, UWC could extend its uptrend after breaking through the RM6.85 resistance level on higher trading volume.
RHB Research said the recent formation of a long bullish candlestick confirmed strong buying interest and indicated that bullish momentum was accelerating.
Following the breakout above RM6.85, the research house expects UWC to move towards RM7.20, followed by the RM7.60 resistance level.
The bullish setup would be invalidated if the stock falls below the RM6.50 support level, which could trigger a resumption of the previous correction phase.
