Southern Cable Group Berhad

• SCGBHD has had a robust performance last year. After the impressive rally, the stock experienced a healthy pullback and has rebounded since with consecutive white candlesticks. We believe the stock is poised for further upward movement to test its 52-week high, as it closed above the key EMAs, with the potential for continued gains.

• Thus, we expect the rising momentum to steer the stock higher and test the next resistance at RM1.39 (R1) followed by RM1.50 (R2) in the near term.

• On the downside, stop-loss is set at RM1.06.

Source: Rakuten Research - 22 Jan 2025

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