RHB Research has picked BM Greentech Bhd and HE Group Bhd as technical stock picks, citing bullish breakouts and improving momentum that could drive further gains.
BM Greentech staged a bullish breakout on Thursday, closing above the RM1.70 resistance level with a positive candlestick formation.
RHB Research said the breakout could allow the stock to extend its upside towards RM1.85, followed by RM2.00. However, a fall below the RM1.55 support level would negate the bullish setup and trigger a correction.
HE Group has also shown signs of strengthening momentum after testing its immediate resistance with a bullish candlestick.
The stock has been forming higher highs alongside rising trading volume, which RHB said points to strong bullish momentum.
A break above the RM1.08 resistance could see HE Group extend its upward movement towards RM1.15, followed by RM1.25.
The bullish setup would be invalidated if the stock falls below the RM1.00 support level, potentially triggering a correction.
