Southern Cable Group Bhd.

• SCGBHD is set to resume its uptrend after it broke out from its 1-month bullish flag pattern yesterday. The stock also posted three white candles in a row and formed a white marubozu candlestick on Monday, coupled with the rising EMAs and RSI, further suggesting the potential for additional strength in the near term.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM0.40 (R1), followed by RM0.42 (R2) in near term.

• On the downside, stop-loss is set at RM0.36, below the 50-day EMAs.

Source: Rakuten Research - 30 Nov 2023

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