Southern Cable Group’s buying interest is back after it broke out of the 1-week bullish pennant pattern with a long positive candle yesterday. As the stock has surged to a new record high with rising EMAs, it may see additional strength in the near term. A bullish bias may emerge above the RM1.00 level with stop-loss set at RM0.89, below the 12 June low. Towards the upside, near-term resistance level is seen at RM1.15, followed by RM1.20.

Entry : RM1.00–1.02

Target : RM1.15, RM1.20

Exit : RM0.89

Source: AmInvest Research - 19 Jun 2024