Sunway updates

 SUNWAY  stock code : 4308 sector: construction
Previously:
1. The uptrend from Nov 08 to early Aug 09 already corrected to 38% (also a significant Fibonacci level).  Believe so the correction phase is over and now heading to 1.60
2. Micro double-bottom pattern with higher low.
3.  Vital support at 1.16 zone. (also a signal zone - if collapsed then forget it)
4. Expecting strong resistance at RM1.60. A strong breakout needed first for higher target
Last few 'down' days could give good entry price. Reversal from this few down days is a bullish signal. Important for 1.16 support to hold. For early warning watch any weakness in the 1.22-1.20 price zone.
UPDATES:
As mentioned in previous stock highlight, it's  true 1.60 is a strong resistance, the price went to 1.55 and start correction.
Any rebound now is a buy signal but I think i will correct a little more to to within 1.25 zone. That's the likely zone to rebound.
click to enlarge : Sunway daily chart

Other info http://biz.thestar.com.my/sunway

 SUNWAY  stock code : 4308 sector: construction
Previously:
1. The uptrend from Nov 08 to early Aug 09 already corrected to 38% (also a significant Fibonacci level).  Believe so the correction phase is over and now heading to 1.60
2. Micro double-bottom pattern with higher low.
3.  Vital support at 1.16 zone. (also a signal zone - if collapsed then forget it)
4. Expecting strong resistance at RM1.60. A strong breakout needed first for higher target
Last few 'down' days could give good entry price. Reversal from this few down days is a bullish signal. Important for 1.16 support to hold. For early warning watch any weakness in the 1.22-1.20 price zone.
UPDATES:
As mentioned in previous stock highlight, it's  true 1.60 is a strong resistance, the price went to 1.55 and start correction.
Any rebound now is a buy signal but I think i will correct a little more to to within 1.25 zone. That's the likely zone to rebound.
click to enlarge : Sunway daily chart

Other info http://biz.thestar.com.my/sunway

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