Sunway may trend higher after it surged to a new historical high and closed above the RM4.20 resistance yesterday. The stock also broke out from a 2-week bullish pennant pattern, likely indicating that the near-term upward momentum may persist. A bullish bias may emerge above the RM4.20 level with stop-loss set at RM3.88, below the 10 Jul low. Towards the upside, near-term resistance level is seen at RM4.50, followed by RM5.00.

Entry : RM4.20–4.28

Target : RM4.50, RM5.00

Exit : RM3.88

Source: AmInvest Research - 24 Jul 2024