Gamuda Bhd (GAMUDA,5398)

• GAMUDA gained 2 sen (0.83%) to close at RM2.42 last Friday.
• Following Budget 2019, government has announced the revival of most major infrastructure projects, thus providing better certainty to the construction industry. As such, we expect a potential technical rebound for GAMUDA from major sell downs in early October, underpinned by solid fundamental of the company.
• Should the buying momentum persist, resistance levels are expected at RM2.58 (R1) and further to RM2.68 (R2).
• Meanwhile, support levels can be found at RM2.27 (S1) and RM2.00 (S2). 

Source: Rakuten Research - 5 Nov 2018