Gadang Holdings Bhd (9261)

• GADANG dropped 3.5 sen or 3.95% to RM0.85 last Friday.
• We believe recent price retracement provides accumulation opportunity on the back of positive news flow of mega infrastructure project especially from East Coast Rail Link. While the share price is still trading above key moving averages, we expect renewed buying interest on GADANG.
• From here, resistance levels are expected at RM0.910 (R1) and further to RM0.945 (R2).
• On the contrary, support levels are found at RM0.800 (S1) and RM0.730 (S2).

Source: Rakuten Research - 29 Jul 2019