Kawan Food broke out from its 4-week bullish flag pattern with a long white candle on Friday, implying that its previous uptrend may have resumed. With the 20-day EMA remaining above the 50-day EMA since the bullish crossover in mid-July, the uptrend may continue in the near term. A bullish bias may emerge above the RM2.24 level, with a stop-loss set at RM2.05, below 30 Sep’s low. Towards the upside, the near-term resistance level is seen at RM2.40, followed by RM2.60.

Entry : RM2.24–2.31

Target : RM2.40, RM2.60

Exit : RM2.05

Source: AmInvest Research - 14 Nov 2022