Sunway jumped and tested the RM1.55 resistance level. With its 21-day moving average indicator in an uptrend, coupled with higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM1.60 and RM1.65. The downside support is projected at RM1.45. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM1.55

Target: RM1.60, RM1.65 (time frame: 2-4 weeks)

Exit: RM1.45

Source: AmInvest Research - 5 Mar 2021