RHB Research expects further upside for Frontken Corp Bhd and UWC Bhd following recent bullish breakouts, with both counters poised to test higher resistance levels.
For Frontken, RHB Research said the stock could resume its uptrend after breaking above the RM5.10 resistance level.
The research house noted that the stock formed a bullish candlestick and closed above RM5.10, while also moving above its 21-day simple moving average (SMA), indicating a positive near-term trend.
RHB expects Frontken to move towards RM5.30, followed by RM5.50. A fall below the RM4.90 support level, however, would invalidate the bullish setup.
Meanwhile, UWC is expected to continue its upward movement after breaking above the key RM6.60 resistance.
RHB Research said the stock’s bullish candlestick and close above RM6.60 indicated strong upward momentum, with the breakout potentially driving the counter towards RM6.90 and subsequently RM7.15.
A decline below the RM6.35 support level would negate UWC’s bullish setup and potentially trigger a correction.
