Southern Cable Group Bhd (SCGBHD, 0225)

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

• SCGBHD broke out from its ascending triangle and reach its 52-week high of RM0.40 with a spike inbuying momentum during the previous trading session. In view of its rising EMAs and bullish MACD crossover, we expect the bullish pattern to continue thus aiming for a breakout above the current level in the near term.

• A bullish bias may emerge above the RM0.395 level and lift it towards the subsequent level of RM0.40(R1), followed by RM0.41 (R2).

• On the downside, stop-loss is set at RM0.34, below the 29 Sept’s low.

Source: Rakuten Research - 30 Oct 2023

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