We expect further upside for Sunway after posting another white candle and closing near its multi-year high on Friday. As the stock also broke out of a bullish flag pattern, it may see additional strength in the near term. A bullish bias may emerge above the RM2.25 level, with stop-loss set at RM2.08, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM2.50, followed by RM2.70.
Entry : RM2.25–2.35
Target : RM2.50, RM2.70
Exit : RM2.08
Source: AmInvest Research - 15 Jan 2024
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