RHB Research reported that Ranhill Utilities Bhd and THMY Holdings Bhd could see further upside after both counters showed bullish technical setups.
RHB Research said Ranhill Utilities could resume its bullish trajectory after bouncing off its breakout point, having climbed above the RM3.30 resistance level.
The research house said sustained trading above RM3.30 could see the stock move towards RM3.50, followed by RM3.70.
However, a break below the RM3.10 support level would invalidate the bullish setup and potentially trigger further downside.
Meanwhile, THMY Holdings could resume its uptrend after breaching resistance on strong trading volume.
RHB Research said the counter formed a long bullish candlestick and closed above the RM2.15 resistance level, indicating that buying momentum was strengthening.
Based on the prevailing momentum, the stock could advance towards RM2.30, followed by RM2.40.
A fall below the RM2.05 support level, however, could weaken market sentiment and trigger a correction, the research house said.
