Matrix Concepts Holdings Bhd (MATRIX, 5236)

• We expect MATRIX to maintain its upward momentum after reaching an all-time high of RM2.14yesterday. This outlook is supported by an early October upside gap and a significant breakout above the RM2.04 resistance level. In view of YTD performance, long-term uptrend remains intact following a strong EMAs with no bearish crossovers observed.

• We expect further upside for the stock and test the next resistance at RM2.25 (R1) followed byRM2.35 (R2) in the near term.

• On the downside, stop-loss is set at RM1.95.

Source: Rakuten Research - 29 Oct 2024

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