SOUTHERN Steel Bhd (code: 5665) is about to test the 200-day simple moving average (SMA), in its closest attempt in over a year.

In yesterday’s trading, the stock hit an intra-day high of RM1.01, just below the moving average at RM1.03.

For a convincing breach of the SMA, the share price should rise above the resistance at RM1.05, and in doing so break out of the current trading channel.

A crossing above RM1.05 would allow the share price to advance towards a higher resistance of RM1.20, returning it to November 2018 levels.

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