KUALA LUMPUR: Shares of PJBumi Bhd may continue their upward momentum after the stock broke above a key resistance level, signalling strong bullish sentiment.

RHB Investment Bank Bhd (RHB Research) said the counter recently jumped above the RM2.25 resistance level, supported by a fresh bullish candlestick pattern.

"It has jumped above the RM2.25 resistance with a fresh bullish candlestick, showing that strong bullish momentum is in play," the brokerage said in a technical note.

RHB Research expects the stock to move towards the next resistance at RM2.40, followed by RM2.55.

However, the bullish outlook would weaken if the share price falls below the RM2.10 support level, which could trigger a correction phase.