Kawan Food may trend higher after it formed another white candle and closing near its 52-week high yesterday. As the stock has recovered above its 20-day EMA and coupled with the bullish hammer pattern formed on 30 Sep, there is likely still room to the upside from here. A bullish bias may emerge above the RM2.20 level, with a stop-loss set at RM2.05, below the hammer pattern support. Towards the upside, the near-term resistance level is seen at RM2.40, followed by RM2.50.

Entry : RM2.20–2.28

Target : RM2.40, RM2.50

Exit : RM2.05

Source: AmInvest Research - 14 Oct 2022