Kossan Rubber Industries may rise higher after it surged to a new 52-week high with a long white candle yesterday. In view of the uncovered upside gap formed on 16 Nov and together with rising EMAs, the upward momentum is likely to pick up further. A bullish bias may emerge above the RM1.57 level, with stop-loss set at RM1.48, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM1.90, followed by RM2.00.

Entry : RM1.57–1.69

Target : RM1.90, RM2.00

Exit : RM1.48

Source: AmInvest Research - 23 Nov 2023