Sunway is set to print a new high after it pushed upwards past the immediate resistance of MYR1.76 on strong trading volume yesterday. The bullish candles for three consecutive sessions have formed a “Three White Soldiers” pattern above that level – which signifies that a bullish bias has emerged. As such, the positive momentum is expected to propel the stock towards the uncharted territory of MYR1.85, followed by MYR1.90. Meanwhile, breaching below the MYR1.69 support would see the momentum fade away.

Source: RHB Securities Research - 20 Aug 2021