To recap, we issued a “Trading Buy” call (RM2.78) on MATRIX after its share price broke out from its “Pennant” chart pattern on 23 January. However, the share price has since been trading sideways. Coupled with lower-than-average daily trading volume with all key indicators moving sideways, this suggest flattish buying momentum and limited upside potential. We view that the consolidation may continue further in the nearterm. Thus, we decided to “Take profit” to lock in our gains for now.
Source: Kenanga
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