AmInvest Research Reports
Stock on Radar - ITMAX System (ITMAX)
AmInvest
Publish date: Thu, 10 Oct 2024, 09:29 AM
AmInvest
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All materials published here are prepared by AmInvest. For latest offers on AmInvest trading products and news, please refer to: https://www.aminvest.com/eng/Pages/home.aspx
Tel: +603 2036 1800 / +603 2032 2888
Fax: +603 2031 5210
Email: enquiries@aminvest.com
Office Hours
Monday to Thursday: 8:45am – 5:45pm
Friday: 8:45am – 5:00pm
(GMT +08:00 Malaysia)
ITMAX System (ITMAX | 5309)
Last Price: RM3.74 | Technical Call: BUY
| Support 1: RM3.63 | Resistance 1: RM4.00 |
| Support 2: RM3.34 | Resistance 2: RM4.20 |
| Shariah Compliant: Yes | Sector: Technology |
We expect further upside for ITMAX System after it pushed above the RM3.63 resistance and hit a new 52-week high yesterday. Given that the stock has broken out from the 8-week bullish volatility contraction pattern (VCP) as well, the resumption of its previous uptrend may be taking place now. A bullish bias may emerge above the RM3.63 level with stop-loss set at RM3.32, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM4.00, followed by RM4.20.
Entry: RM3.63-3.74
Target: RM4.00, RM4.20
Exit: RM3.32
Source: AmInvest Research - 10 Oct 2024
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