Southern Steel rises 4.3% on positive technical outlook

Southern Steel rises 4.31% on positive technical outlook

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KUALA LUMPUR (July 22): Shares in Southern Steel Bhd rose 4.3% at mid-morning today following a positive technical outlook on the stock.

At 10.10am, Southern Steel rose 5 sen to RM1.21 for a market capitalisation of RM524.71 million.

RHB Retail Research said Southern Steel may move higher after it tested the RM1.04 support recently.

In a trading stocks note today, the research house said given that it has formed a long white candle above the rising 21-day simple moving average (SMA) line, the bullish sentiment has been enhanced.

"A bullish bias may appear above the RM1.10 level, with an exit set below the RM1.04 threshold.

"Towards the upside, the near-term resistance is at RM1.26. This is followed by the RM1.37 level," it said.