RHB Research has picked Dagang NeXchange Bhd and KPJ Healthcare Bhd for further upside after both counters broke through key resistance levels, with the research house identifying potential targets of RM0.51 and RM0.55 for Dagang NeXchange and RM2.85 and RM3.05 for KPJ Healthcare.
RHB Research said Dagang NeXchange had staged a bullish breakout after closing above the RM0.47 resistance level, with the stock also forming a bullish candlestick.
It expects the counter to continue its upward momentum towards the next resistance at RM0.51, followed by RM0.55.
However, a fall below the RM0.43 support level would negate the bullish setup and open the door to a correction, it said.
For KPJ Healthcare, RHB Research said the stock had also broken out on strong volume, climbing above the RM2.65 resistance level and forming a fresh bullish candlestick.
The research house expects the counter to move towards RM2.85, followed by RM3.05, if the upward momentum continues.
A breach of the RM2.45 support level would instead signal a bearish breakout and open the way for further downside, it said.
