Kawan Food broke out from its 11-week downward channel a few candles back, implying that its previous uptrend may have resumed. As the 20-day and 50-day EMAs have confirmed their bullish crossover yesterday, the stock looks positive in the short and medium term. A bullish bias may emerge above the RM2.24 level, with a stop-loss set at RM2.08, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM2.50, followed by RM2.70.

Entry : RM2.24–2.30

Target : RM2.50, RM2.70

Exit : RM2.08

Source: AmInvest Research - 10 Jan 2023