Matrix Concepts Holdings Berhad (MATRIX, 5236)

• MATRIX posted a strong white candlestick yesterday, breaking above the ascending trianglepattern to achieve an all-time high. We strongly believe the stock will maintain its bullish momentum in the near term. In view of YTD performance, the stock has demonstrated a strong and steady upward trend with no bearish crossover observed.

• We anticipate the stock to test the initial resistance at RM2.50 (R1), with RM2.65 (R2) as the nextpotential target, supported by rising RSI.

• On the downside, stop-loss is set at RM2.20.

Source: Rakuten Research - 10 Dec 2024

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