Kenanga Research & Investment
Highlights / Stock Picks of the Day - Matrix Concepts Holdings Berhad (MATRIX) – Not Rated
MATRIX rose 12 sen to end at RM3.10, and has now surpassed its previous high of RM3.04. At the same time, the bullish price action has confirmed a "Bullish Pennant" pattern indicating a resumption of its prior uptrend. Coupled with the bullish readings on the MACD indicator, we expect follow-through buying momentum to extend MATRIX's rally towards RM3.32 ("Flagpole" measurement). As for the downside, buying support should emerge between RM2.90-RM2.92.
Source: Kenanga
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