Rakuten Trade Research Reports
Technical View - Sunway Berhad
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Publish date: Wed, 11 Jan 2023, 11:27 AM
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Sunway Berhad (SUNWAY, 5211)
• Share price closed 2.47% higher at RM1.66 on Tuesday.
• Sunway broke out from its resistance level of RM1.62 yesterday with low buying volume. It has been trading below is MA 200 line and now pending a breakout to challenge the MA 200 line. Sunway is believed to benefit from the tourism theme play due to reopening of China’s border. Coupled with a bullish MACD and indicators showing uptick momentum, share price is expected to move higher.
• Resistance levels are identified at RM1.67 (R1) and RM1.69 (R2).
• On the flipside, support levels are pegged at RM1.57 (S1) and RM1.47 (S2).
Source: Rakuten Research - 11 Jan 2023
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