Gamuda, formed a major Head & Shoulder chart pattern with neckline resistance sitting at 4.04. The breakout is just matter of time with weekly MACD making golden cross. This coming breakout will see price going to test downtrend line at around 4.60+ before going to challenge the all time high resistance around 5.30+.

With the announcement after yesterday market closed, Gamuda secure almost 1b contract from Taiwan. This positive news may likely push the stock price above the neckline.

KUALA LUMPUR: Gamuda Bhd and joint venture partner Taiwan’s Dong-Pi Construction Co Ltd have bagged the construction contract for a seawall project in Taiwan worth NTD6.82 billion (RM932.5 million).

Gamuda said the contract, which involves new construction in the third and fourth stages of the seawall and the second phase of a dike recovery and reuse project, was awarded by Taiwan state-owned ports operation company Taiwan International Ports Corp Ltd.

“The scope of the works involves the construction and completion of 4,014 metre-long seawall structures, dismantling of existing seawall structures (954 metres long) and Southport shore protection works,” it said in a statement today.

Gamuda said the contract was for 60 months from January 2020 and was expected to be completed by January 2025.

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The works will be undertaken by Gamuda and Dong-Pi via an unincorporated joint venture, on a 70:30 basis in favour of Gamuda.