Sunway Construction poised for a potential breakout, says Public IB Research

KUALA LUMPUR (Jan 27): Public IB Research said that squeezing into an ascending triangle for the past 3 months, Sunway Construction Group Bhd is poised for a potential breakout into new high territories as both bullish relative strength index and MACD indicators signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in the near term.

In a technicals note today, the research house said should RM1.74 resistance level be broken, it may continue to lift price higher to the next resistance levels of RM1.80 and RM1.87.

“However, failure to hold at support level of RM1.70 may indicate weakness in the share price and hence, a cut-loss signal,” it said. — theedgemarkets.com