ITMAX System’s buying momentum is back after it broke out of the downward channel with a long white candle yesterday. The stock’s move above the RM1.80 resistance coupled with rising EMAs, indicates that the near term upward momentum may persist. A bullish bias may emerge above the RM1.80 level, with stop-loss set at RM1.68, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.90, followed by RM2.00.

Entry : RM1.80–1.83

Target : RM1.90, RM2.00

Exit : RM1.68

Source: AmInvest Research - 13 Dec 2023