Kumpulan Kitacon Bhd (KITACON, 5310)

• KITACON broke out from a 3-month pennant pattern to hit a new 52-week high. The stock is currentlytrading above its 20-day EMA with a widening gap between the EMAs, indicating that the bullish momentum is building up.

• In view of the upside, we are targeting the next resistance of RM0.80 (R1) followed by RM0.83 (R2) inthe near term.

• On the downside, stop-loss is set at RM0.70.
  

Source: Rakuten Research - 17 Sep 2024

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