Southern Cable Group may rise higher after hitting a new 52-week high with a long white candle yesterday. The stock’s move above the RM0.52 resistance coupled with rising EMAs indicate that the near term upward momentum may persist. A bullish bias may emerge above the RM0.52 level with stop-loss set at RM0.48, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.60, followed by RM0.65.

Entry : RM0.52–0.54

Target : RM0.60, RM0.65

Exit : RM0.48

Source: AmInvest Research - 2 Apr 2024