Sunway REIT poised to resume uptrend, says RHB Retail Research

KUALA LUMPUR (June 20): RHB Retail Research said Sunway REIT is poised to resume its uptrend as it rebounded from a recent pullback, surpassing the 21-day average line last Friday – printing a “White Marubozu” bullish candlestick.

In a trading stocks note today, the research house said this, coupled with its above 30-day average trading volume, the stock may push above the immediate resistance of RM1.58.

“If that happens, a bullish bias may emerge above that point to propel the stock higher towards RM1.62 – March 27, 2020’s high, followed by RM1.65, Sept 14, 2020’s high.

“If it falls below the support level of RM1.49, the stock may trend downwards, forming a “lower low” bearish pattern,” it said.