In a StarBiz report today, Sunway Holdings was awarded the sub-contract works by MEB Construction Sdn Bhd to construct and complete the privatisation of the South Klang Valley Expressway for RM264m. Construction would take 19 months plus an additional two months for testing and commissioning.
Technically, the stock posted a hammer candle yesterday. It hit a low of RM1.12 before closing marginally higher at RM1.23. On the longer term chart, the stock also tested its breakout support level. This may be a good level to get for both the short and long term.
Investment strategy (for illustration purposes only): - Buy 10 lots of Sunway or its warrant-B (should be able to buy more warrants - for leverage). Cut loss point for Sunway, is RM1.11. The ST upside target is RM1.40-1.45. LT target points to RM1.70-1.78, its 100-day SMA. When the stock reached the ST target, take profits on 5 lots and raise the stop loss point to breakeven point of RM1.26-1.27. Hold the rest until the next target or is stopped out at the higher stop loss point, whichever comes first.
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