We think that the buying interest on Sunway Construction Group may have returned after it recovered above the 20-day EMA yesterday. As the 20-day and 50-day EMAs have established a bullish crossover since late-Dec23, the current upward momentum may persist in the near term. A bullish bias may emerge above the RM2.48 level with a stop-loss set at RM2.34, below the 50- day EMA. Towards the upside, near-term resistance level is seen at RM2.80, followed by RM3.00.

Entry : RM2.48–2.57

Target : RM2.80, RM3.00

Exit : RM2.34

Source: AmInvest Research - 8 Mar 2024