Kumpulan Kitacon Bhd (KITACON, 5310)

• Share price closed 1.54% higher at RM0.66 on last Friday.

• KITACON has been trading in the range of RM0.56 to RM0.69 since debuting on the Bursa MainMarket in Jan-23. It recently broke through its resistance level at RM0.655 with a significant increase in buying volume last Friday. Additionally, the crossover of its MA 20 and MA 50 lines, along with the MACD poised for a potential crossover, share price is expected to move higher.

• Resistance levels are identified at RM0.67 (R1) and RM0.68 (R2).

• On the flipside, support levels are pegged at RM0.64 (S1) and RM0.625 (S2).

Source: Rakuten Research - 25 Sep 2023

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