Kawan Food Bhd (7216)

• KAWAN gained 8 sen or 5.6% to RM1.52 yesterday.

Share price managed to close above its 200-day simple moving average line yesterday marking a second consecutive gain supported by improving trading volume. Should the buying momentum sustained, we expect the uptrend to continue.

• From here, resistance levels are expected at RM1.57 (R1) and further to RM1.62 (R2).

• On the contrary, support levels can be identified at RM1.38 (S1) and RM1.28 (S2).

Source: Rakuten Research - 15 Nov 2019