RHB Investment Bank Bhd (RHB Research) has highlighted strong bullish setups for Powerwell Holdings Bhd and Econpile Holdings Bhd, following notable breakouts on high trading volume.
Powerwell Holdings Bhd
Powerwell has surpassed the RM0.425 resistance level with a long white candlestick, signalling robust bullish momentum. RHB Research anticipates the stock to continue its upward movement, targeting RM0.48 initially, with the potential to reach RM0.53.
However, should the stock dip below the RM0.39 support level, this would negate the bullish setup and mark a return to a correction phase.
Econpile Holdings Bhd
Econpile is resuming its bullish trajectory after closing above the RM0.45 breakout point. The fresh bullish candlestick, coupled with increased trading volume, confirms the strength of the momentum. RHB Research projects the stock to advance towards RM0.48 and subsequently RM0.51.
Conversely, falling below the RM0.425 support level could trigger a correction phase.
Investors are advised to monitor these counters closely for further confirmation of their respective trends.
