Monday 22 Apr 2024
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KUALA LUMPUR (Dec 21): Rakuten Trade said Southern Cable Group Bhd (SCG) is set to resume its uptrend after it pushed above the 39.5 sen resistance, which also coincided with a new 52-week high.

In a technical view note on Thursday, the research house said the stock also broke out from its two-month downward channel pattern a few candles back, and may see additional strength in the coming sessions.

“We expect the rising momentum to steer the stock higher and test the next level of resistance at 45 sen (R1) and 50 sen (R2) in the near term.

“On the downside, stop-loss is set at 35 sen, below the 50-day EMA (exponential moving average),” it said.

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