Sarawak Cable poised to retest RM1.77-RM1.87 upside, says HLIB Research

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KUALA LUMPUR (March 17): Hong Leong IB Research said Sarawak Cable Bhd was one of HLIB’s top construction picks with an institutional target price of RM2.49 (based on SOP), or 52.7% upside.

In a trading idea note today, the research house said that technically, the stock was poised to retest RM1.77-1.87 upside resistances in the short to medium term following a bullish short term resistance trendline breakout yesterday.  

“Key supports are RM1.55-1.59. Stop loss at RM1.54,” it said.