Precast concrete maker Sarawak Consolidated Industries Bhd (KLSE: SCIB) had shown a strong upward momentum after the announcement where the company shall hold an Extraordinary General Meeting (EGM) on June 28 to vote on the removal of three directors from its current Board of Director, inclusive of Noor Azri Noor Azerai.

Following the public announcement, the share price of SCIB trended strongly, breaching the technical gaps back in October-November 2021. We see this as a very positive sign of the return of investors confidence, coupled with strong volume exchanged hand and 10, 20, 50 days MA had all trended upwards, indicating a positive outlook for SCIB. For the upside, we see the near-term resistance of RM0.335 to be challenged, followed by RM0.350.

Entry: RM0.300

TP: RM0.335, RM0.350

Exit: RM0.295