RHB Investment Bank Bhd (RHB Research) has identified MY EG Services and Infoline Tec as key stock picks for the day, highlighting their bullish potential amidst strong technical setups.
MY EG Services
The stock demonstrated a bullish breakout, climbing above the 21-day SMA line and closing above the RM0.90 resistance level. This positions the stock for further upside, with RHB Research targeting RM0.95 and subsequently RM1 as the next resistance levels.
However, traders are advised to monitor the RM0.86 support level closely, as breaching it may trigger a downward movement and dampen market sentiment.
Infoline Tec
Infoline Tec also showcased strong bullish momentum, breaking past the RM1 resistance level and closing with a long white candlestick. This signals a potential continuation of the upward trajectory, with RHB Research setting resistance targets at RM1.10 and RM1.20.
On the downside, a dip below the RM0.90 support level could signal the onset of a correction phase.
Both stocks are positioned for potential gains, with key resistance and support levels guiding their trajectories. RHB Research's analysis underscores the importance of these technical indicators in navigating market movements.
