RHB Investment Bank Bhd (RHB Research) has highlighted Yinson Holdings Bhd and Well Chip Group Bhd as stocks to watch, with both counters showing signs of further upside after breaking above key resistance levels.
For Yinson Holdings, RHB Research said the stock looks set to extend its bullish trajectory after breaking past the RM2.15 resistance level on strong trading volume.
The counter formed a bullish candlestick yesterday and closed above RM2.15, confirming that a bullish setup is now in play.
Following the breakout, RHB Research expects the stock to climb towards the next resistance at RM2.30, followed by RM2.45.
However, the research house cautioned that the bullish setup would be negated if Yinson Holdings falls below the RM2 support level.
Meanwhile, Well Chip Group is also showing signs of stronger upward momentum after staging a bullish breakout above its resistance level.
RHB Research noted that the stock surged past the RM1.15 resistance on a bullish candlestick, signalling that strong bullish momentum is building.
With the breakout validating its bullish structure, the counter could trend higher towards the next resistance at RM1.22 and subsequently RM1.30.
On the downside, a reversal below the RM1.08 support level would invalidate the bullish setup.
