SCABLE has turned positive following its positive announcement on securing two new contracts worth RM618.6m from Sarawak Energy Bhd to build transmission lines in Sarawak. The news boosted the share price which gap up to close @RM1.71 (+10 sen) and also broke out above the three-month triangle resistance on explosive trading volume. Going forward, should the share price take out the overhead resistance @RM1.73 in a decisive manner; we believe SCABLE may potentially continue the uptrend wave towards previous high @RM1.90 soon. Meanwhile, a protective underlying support is pegged @RM1.62 (Fibonacci support). 

 

Source: Kenanga