Southern Cable Group is poised to extend the upside movement after climbing above the resistance on strong volume. The stock printed a “higher high” white candlestick and closed above the MYR0.90 resistance, showing that the underlying momentum is bullish. After the breakout, we expect a follow-through price action to test the next resistance at MYR0.98, followed by the MYR1.05 level. On the contrary, if it falls below the MYR0.84 support, this negates the bullish setup.

Source: RHB Securities Research - 25 Oct 2024