Stock Picks: Sunway And Gamuda
RHB Investment Bank Bhd identified Sunway Bhd and Gamuda Bhd as near-term trading ideas, citing improving technical momentum following bullish breakouts supported by strong trading volumes.
RHB Research said Sunway has extended its upward trajectory after breaking above the RM5.20 resistance level, with the formation of a bullish candlestick signalling strengthening momentum. The research house expects the counter to potentially advance towards RM5.50, with further upside towards RM5.70 if buying interest persists. However, it noted that a decline below the RM5.00 support level could trigger a corrective move.
Gamuda was also highlighted after staging a breakout above the RM4.05 resistance level on strong volume, indicating growing bullish sentiment. RHB said the stock may see follow-through buying that could lift prices towards RM4.40, with the next resistance seen at RM4.70.
On the downside, the research house cautioned that a fall below the RM3.80 support level would invalidate the current bullish setup for Gamuda.
RHB said both counters are showing signs of sustained buying interest in the near term, supported by improving technical indicators and market momentum.
