Sunway Inc broke its RM0.40 strong horizontal support

Sunway Inc (Suninc) has broken below the strong horizontal support of RM0.40 today. If there is no recovery within the next one or two days, the share price may slide further. The next horizontal support is at RM0.25!!! This stock is in a very dangerous position.

There is no news other than the recent news that its associate, Sunway Infra (owner of the SILK highway concession) is in the midst of a restructuring scheme, which involved a new shareholder & possible capital injection from Suninc. For more details, go here.

From the weekly chart (Chart 1), we can see that Suninc's strong horizontal support of RM0.40 was still supporting the stock up to yesterday. This was broken today & the next support is at RM0.25. Daily chart (Chart 2) is also attached.

















Chart 1: Suninc's weekly chart as at Sep 26


















Chart 2: Suninc's daily chart as at Sep 26