Naked Chart Trading: SUNWAY 28 May 2024

2H2024 is just around the corner, here come the time again for KLCI to review their component stocks. SUNWAY which refresh new record highs since last year will definitely in the spotlight, after inclusion of YTL and YTLPOWR earlier.

Long term bull trend, short term is also bullish but with possible technical correction. Green candlesticks more than red, so unlikely to see a downtrend here, just a mere cool off after nearly 80% gain YTD.

I drawed a Fibo analysis (Oct 2023 low to May 2024 high) here in case overbought correction happen. I picked the low of around RM1.80 because i do not foresee any potential to go back RM1 level for now. Support levels are RM3.20, 61.8% RM3, 50% RM2.80 (RM2.80-RM3 is my aim for re-entry price level now, but to watch out if the share price sustain above RM3.20 level), 38.2% RM2.25.

Resistance will be at historical high RM3.80 level, close above to trigger more upside.

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.