Sunway Construction Group
This counter, according to RHB Research’s technical analysis report (September 13) is poised to propel north as it bounced off the 21-day average line, and headed towards the immediate resistance level of MYR1.58 yesterday, on surging trading volume. If a breakout happens above that level, the bullish bias above that level may see the stock climb further towards MYR1.64, followed by MYR1.69, which was the high of 1 June. However, the counter may reverse direction if it falls below the MYR1.49 support, as it trades below the average line
while forming a “lower low” bearish structure.
Frontken Corporation
Frontken is set to climb higher as it bounced off the 21-day average line while reclaiming the area above the immediate resistance of MYR2.83 yesterday with a “long white” bullish candlestick. The bullish bias above that level may drive the counter higher towards the psychological level of MYR3.00, followed by MYR3.10 or 5 Apr’s high. If it falls below the MYR2.63 support, the momentum may reverse direction, as it forms a “lower low” bearish pattern below the average line.
