Sunway Construction is consolidating sideways, eyeing to break past the immediate resistance. The stock has been moving horizontally below the MYR1.96 resistance. Recently, it moved upwards to test the immediate resistance. The stock has climbed above the 21-day SMA line, showing the momentum is shifting to positive. If a breakout happens, the stock may test the next resistance at MYR2.05, followed by MYR2.15. On the downside, breaching below the MYR1.85 support will kick off the correction phase.

Source: RHB Securities Research - 20 Nov 2023