We expect further upside for Sunway Construction Group after it pushed above the RM1.93 mark and hit a new 52-week high yesterday. The stock also broke out from a 3-week bullish flag pattern, which coincided with rising EMAs, likely indicating that near-term uptrend may persist. A bullish bias may emerge above the RM1.93 level, with stop-loss set at RM1.78, below the 50- day EMA. Towards the upside, near-term resistance level is seen at RM2.10, followed by RM2.20.

Entry : RM1.93–1.97

Target : RM2.10, RM2.20

Exit : RM1.78

Source: AmInvest Research - 13 Oct 2023