Matrix Concepts broke out from its 1-month bullish ascending triangle pattern yesterday, implying that its previous uptrend may have resumed. A new 52-week high coupled with its rising EMAs, additional upside strength may be present in the near term. A bullish bias may emerge above the RM1.64 level, with a stop-loss set at RM1.55, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM1.80, followed by RM2.00.

Entry : RM1.64–1.68

Target : RM1.80, RM2.00

Exit : RM1.55

Source: AmInvest Research - 7 Dec 2023