Matrix Concepts Holdings Bhd (MATRIX, 5236)

• MATRIX may extend it upward trajectory after breaking out from its 3-week bullish rectangularpattern and surpassing the immediate resistance of RM1.79 with a long white candle yesterday. In view of the stock now at a new multiyear high coupled with it pulling further away from all the EMAs, the uptrend may continue in the near term.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM1.90 (R1) and RM2.00 (R2) in the near term.

• On the downside, stop-loss is set at RM1.62, below 2 Jan’s low.

Source: Rakuten Research - 20 Feb 2024

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