Sunway is attempting to extend the upside movement after staging a bullish breakout. The stock printed a white candlestick yesterday and closed above the MYR4.50 resistance, confirming a bullish technical setup is now in play. We observed the trading volume increasing in tandem with the rebound, which shows the underlying momentum is strong. The counter should continue to travel towards the MYR5 mark, followed by the MYR5.50 level. Conversely, falling below the MYR4 support will negate the bullish setup and resume the downwards movement.

Source: RHB Securities Research - 23 Jan 2025