Matrix Concepts Holdings is heading towards its multi-year high, as it broke away its sideways consolidation phase yesterday – breaching the immediate resistance of MYR2.06 on higher trading volume. If it stays above that level, the bullish momentum may lift the stock towards the immediate resistance of MYR2.16, followed by its multi-year high of MYR2.30. Meanwhile, if it falls below the MYR2.00 support level – below the 21-day SMA line – this expectation will be nullified.

Source: RHB Securities Research - 20 Aug 2021