We believe the buying interest for Sunway may have returned following a breach above the 7-week downtrend line yesterday. The stock pushing near its all-time high, supported by rising EMAs, likely indicate that the upward momentum may be picking up. A bullish bias may emerge above the RM4.20 level with stop-loss set at RM3.78, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.80, followed by RM5.00.

Entry: RM4.20-4.38

Target: RM4.80, RM5.00

Exit: RM3.78

Source: AmInvest Research - 20 Sep 2024