Southern Cable Group Bhd (SCGBHD, 0225)

• SCGBHD is poised to resume its uptrend after surging to a new 52-week high and breaking out from its ascending triangle pattern yesterday. Considering that the stock has pulled further away fromall the EMAs, coupled with the rising EMAs and RSI, it suggests 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 RM0.54 (R1), followed by RM0.57 (R2) in near term.

• On the downside, stop-loss is set at RM0.44, which is below the 50-day EMAs.
  

Source: Rakuten Research - 26 Mar 2024

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