AmInvest Research Reports

Stock on Radar - Matrix Concepts (MATRIX)

AmInvest
Publish date: Mon, 23 Sep 2024, 10:38 AM
AmInvest
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Matrix Concepts (MATRIX | 5236)

Last Price: RM2.02 | Technical Call: BUY

Technical chart: MATRIX

Support 1: RM1.95Resistance 1: RM2.20
Support 2: RM1.87Resistance 2: RM2.30
Shariah Compliant: YesSector: Property

We expect further upside for Matrix Concepts given that it has successfully taken out the RM1.95 key resistance with a long positive candle on Friday. The stock also posted 2 positive candles in a row and hit a new record high, likely suggesting that upward momentum is picking up further. A bullish bias may emerge above the RM1.95 level with stop-loss set at RM1.85, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.20, followed by RM2.30.

Entry: RM1.95-2.02

Target: RM2.20, RM2.30

Exit: RM1.85

 

Source: AmInvest Research - 23 Sep 2024

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