RHB Investment Bank Bhd (RHB Research) has spotlighted two stocks in its latest report, noting potential upside for Alliance Bank Malaysia Bhd and Vestland Bhd based on recent bullish momentum and key technical levels.
Alliance Bank Malaysia's shares demonstrated strong bullish momentum, closing above the RM4.75 resistance level with a prominent white candlestick, suggesting further upward movement. With this positive trajectory, RHB Research anticipates continued gains that could see the stock testing RM5.10, with the next target at RM5.35. However, if the stock falls below the RM4.55 support level, this could negate the bullish setup.
Meanwhile, Vestland is also showing signs of an upward breakout after recently testing immediate resistance. It closed with a long white candlestick near the RM0.60 resistance level, accompanied by rising trade volume. RHB Research expects that a breakthrough beyond this level could lead the stock to test the RM0.65 resistance, followed by RM0.70. Should the stock decline below the RM0.53 support level, a correction phase may be expected.
These stock picks are part of RHB Research's ongoing market analysis to identify high-potential trading opportunities.
