Southern Cable Group Bhd

• Share price closed 5.33% higher at RM0.395 on Wednesday.

• SCGBHD has been on an uptrend since end Jul-23. It formed a long white candlestick after breakingout from its resistance threshold at RM0.39 with a spike-up in buying momentum yesterday. With the stock hitting a new 52-week high and currently trading above all its EMA lines, these suggest that the upward momentum is picking up further.

• The bullish momentum is expected to drive it towards the resistance level of RM0.40 (R1).

• On the downside, stop-loss is set at RM0.345, below the 3 Oct’s low.

Source: Rakuten Research - 19 Oct 2023

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