Sunway Construction Group is poised to resume its uptrend, as it bounced off the immediate support level, also the 21-day SMA line recently, heading towards the MYR1.79 resistance level. If a breakout happens, the bullish bias above that level may see the stock trend higher towards the MYR1.88 resistance (highest level since 17 Feb 2020), followed by the MYR2 mark. A drop below the MYR1.71 support, forming a fresh “lower low” bearish pattern, would dent sentiment and spark a downtrend.

Source: RHB Securities Research - 15 Aug 2023