Southern Cable Group is positioned for a technical breakout, having rebounded from the 21-day SMA line and approaching the immediate resistance of MYR0.40 on improved trading volume.
RHB Research in a note today (Dec 15) said, should a breakout occur above that level, the current sideways consolidation could turn to an uptrend, potentially advancing towards the MYR0.42 mark before targeting the next resistance at MYR0.45.
Conversely, a drop below the MYR0.36 support would invalidate the bullish setup.
Kossan Rubber Industries is poised for an upward surge following a technical breakout above the MYR1.77 resistance yesterday, as evidenced by a “Bullish Marubozu” candlestick.
Supported by a significant increase in trading volume, the bullish momentum is expected to propel the stock towards the MYR2 mark, with the next resistance at MYR2.22.
Conversely, a decline below the MYR1.60 support would indicate a potential downtrend.
