Southern Cable Group is poised for an upward move after breaking above the MYR0.39 resistance level yesterday, accompanied by a surge in trading volume. Forming a “higher high” bullish pattern, the stock is likely to trend higher towards the MYR0.42 resistance, followed by the next resistance at MYR0.45. Conversely, a drop below the MYR0.355 support would signal a reversal of the positive trend, as the stock's price falls below the SMA line and forms a “lower low” bearish pattern.

Source: RHB Securities Research - 19 Oct 2023