RHB Investment Bank Bhd (RHB Research) has identified UEM Edgenta and ViTrox Corp as potential bullish plays, citing strong technical signals that suggest further upside for both counters.
UEM Edgenta Shows Strong MomentumUEM Edgenta recently staged a bullish breakout, with its share price closing above the RM0.70 resistance level on strong volume. The stock printed a long white candlestick, indicating strong bullish momentum.
RHB Research expects the counter to continue its upward trajectory towards RM0.78, followed by RM0.84. However, if the share price falls below the RM0.665 support level, it may signal a resumption of the correction phase.
ViTrox Corp is similarly displaying bullish signals, having printed a "higher high" white candlestick. The counter is poised to break above the RM3.65 immediate resistance level, which could attract fresh buying interest.
If the breakout materialises, RHB Research projects the stock could advance to RM3.90 and subsequently RM4.20. Conversely, a decline below the RM3.35 support level would negate the bullish setup and initiate a correction.
With these positive technical setups, both UEM Edgenta and ViTrox are seen as opportunities for investors seeking momentum-driven trades. However, RHB Research advises monitoring key support levels to gauge potential downside risks.
