Southern Cable Group is extending the upward move since its IPO in October. With an increasing trading volume, coupled with positive price action, we believe the stock is on track to record a new high soon. As a bullish bias emerged above the resistance level of MYR0.405, expect the bullish momentum to reach the next resistance of MYR0.43, followed by MYR0.46. Meanwhile, a downward breach of the MYR0.37 support would negate this expectation.

Source: RHB Securities Research - 7 Dec 2020