SUNWAY’s share price has been relatively volatile in recent
months, where it surged from a low of RM2.17 (11th Sept 2012) to a high of RM2.68
within a time frame of just 6 weeks. The wild swings continued in the
subsequent months, albeit at a smaller magnitude. A “Symmetrical Triangle” was formed as a
result. More recently (on Tuesday), the share price broke out of the triangle
resistance to signal the start of a bullish trend. The key technical indicators
have also confirmed the bullish state, and this was further supported by a
pick-up in trading volume. Given the improving technical picture, we reckon
that the bullish momentum would carry the share price higher in the weeks to
come. The overhead resistance levels to look out for are located at RM2.60 and
RM2.75 while support can be found at RM2.42 and RM2.25.
Source: Kenanga
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