Southern Cable Group may rise higher after it formed a long white candle and hit a new 52-week high yesterday. As the 20-day and 50-day EMAs have started turning upwards, a positive outlook can be expected. A bullish bias may emerge above the RM0.39 level, with a stop-loss set at RM0.35, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM0.45, followed by RM0.50.

Entry : RM0.39–0.405

Target : RM0.45, RM0.50

Exit : RM0.35

Source: AmInvest Research - 19 Dec 2023