Kumpulan Kitacon is likely to resume its recent uptrend reversal after undergoing a moderate retracement from the recent high. Soft trading volume pointed to short-term profit-taking below the immediate resistance level of MYR0.61. The uptrend is expected to continue if the price rebounds above this point, driven by strong buying interest. In such a scenario, the stock may form a "higher high" bullish pattern and head towards MYR0.65, followed by MYR0.69. However, if it falls below the support level of MYR 0.59, the momentum may be reversed.

Source: RHB Securities Research - 9 Jun 2023