RHB Investment Bank Bhd (RHB Research) has identified Itmax System Bhd and Hibiscus Petroleum Bhd as near-term technical stock picks, citing bullish breakouts supported by rising trading volume.
RHB Research said Itmax System is poised to extend its bullish trajectory after staging a breakout above the RM4.90 resistance level. The stock formed a bullish candlestick and closed above this level, indicating a positive technical setup. Trading volume has increased in tandem with the share price, signalling strong bullish momentum.
Based on the current momentum, RHB Research said the stock could advance towards RM5.20, with a higher resistance level at RM5.40. On the downside, a breach of the RM4.70 support would negate the bullish setup and signal a resumption of the correction phase.
Meanwhile, Hibiscus Petroleum is expected to continue its upside movement after climbing above resistance on strong volume. The stock is trading above the RM1.55 breakout point, indicating that buyers have gained the technical advantage.
Following the breakout, RHB Research expects bullish momentum to lift the stock towards RM1.65, followed by the RM1.70 level. A fall below the RM1.50 support would invalidate the positive outlook and trigger a correction phase.
Related