Sunway Construction Group Berhad (SUNCON, 5263)

• SUNCON has posted three consecutive white candlesticks, breaking out of a 3-month consolidationphase a few sessions ago. The stock appears poised to challenge its all-time high of RM5.18, supported by a high RSI and bullish EMAs, signalling strong buying interest.

• Thus, we expect the upward momentum to drive the stock higher, testing the next resistance atRM5.40 (R1), followed by RM5.70 (R2) in the near term.

• On the downside, stop-loss is set at RM4.55.

Source: Rakuten Research - 8 Jan 2025

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