RHB Investment Bank Bhd (RHB Research) has identified Vitrox Corp Bhd and ITMAX System Bhd as stock picks, with both counters showing bullish momentum after breaking above key resistance levels on strong trading volume.
For Vitrox, RHB Research said the stock closed above the RM9.10 resistance on Tuesday, supported by strong volume, signalling that the bullish momentum is gaining traction.
The research house expects the counter to move towards the next resistance at RM9.70, followed by RM10.20 if the momentum continues. However, a fall below the RM8.60 support could open the door to a correction.
Meanwhile, ITMAX System is also attempting to extend its bullish trajectory after breaking above resistance on strong volume.
RHB Research noted that the stock formed a long bullish candlestick and closed above the RM4.45 resistance, indicating strong buying momentum.
The counter could rise further to test RM4.70, followed by RM4.95, according to the research house. The bullish setup would be negated if the stock falls below the RM4.20 support level.
