RHB Investment Bank Bhd (RHB Research) identified Azam Jaya and Life Water as the stock picks of the day.
Azam Jaya is poised to extend the bullish pathway after breaking past the resistance on strong volume according to the research house. The counter printed a longbullish candlestick and surpassed the 89 sen resistance, showing a strong bullish momentum is underway.
After the breakout, RHB Research expected a follow-through price action to test the MYR1 mark, followed by the RM1.10 level. Conversely, falling below the RM0.78 support resumes the correction phase.
According to RHB Research, Life Water is eyeing to resume the upside movement after staging a bullish breakout. The stock has printed a white candlestick and closed above the 85 sen resistance, showing a bullish setup is in play.
The counter has climbed above the 21-day SMA line, implying the short-term trend is bullish. Riding on this momentum, the stock may continue to travel towards 90 sen,followed by the 95 sen mark. On the flipside, falling below the 79 sen support negates the bullish setup.
