Sunway may trend higher after it surged to a new record high and closed above the RM3.60 resistance 2 sessions ago. As the stock also broke out of the 2-month bullish ascending triangle pattern, it may see additional strength in the near term. A bullish bias may emerge above the RM3.60 level with stop-loss set at RM3.32, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.00, followed by RM4.20.

Entry : RM3.60–3.75

Target : RM4.00, RM4.20

Exit : RM3.32

Source: AmInvest Research - 24 May 2024