RHB Investment Bank Bhd (RHB Research) has picked Gamuda Bhd and Guan Chong Bhd as stocks to watch, citing bullish breakouts and potential further upside in both counters.
RHB Research said Gamuda’s uptrend could extend after the counter broke above the RM4.85 resistance level on high volume, signalling strong bullish momentum.
Following the breakout, the research house expects Gamuda to test RM5.10, followed by RM5.35. However, a fall below the RM4.60 support level would invalidate the bullish setup.
Meanwhile, Guan Chong is also looking to extend its bullish trajectory after breaking above the RM1.35 resistance level on strong volume.
The counter formed a bullish candlestick and closed above the resistance level yesterday, confirming the bullish setup. RHB Research expects the stock to climb towards the next resistance at RM1.45, followed by RM1.50.
A fall below the RM1.30 support level would negate the bullish setup for Guan Chong.
