We believe the buying interest for Sunway may have returned following a breach above the 7-week downtrend line yesterday. The stock pushing near its all-time high, supported by rising EMAs, likely indicate that the upward momentum may be picking up. A bullish bias may emerge above the RM4.20 level with stop-loss set at RM3.78, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.80, followed by RM5.00.
Entry: RM4.20-4.38
Target: RM4.80, RM5.00
Exit: RM3.78
Source: AmInvest Research - 20 Sep 2024
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SUNWAYCreated by AmInvest | Jan 24, 2025