Itmax System Bhd

• ITMAX may trend higher after it surged to its all-time high last Friday to break out from its one month ascending triangle pattern. With the stock pulling further away from all the EMAs coupled with its RSI indicator pointing upwards, the bullish momentum appears to be picking up.

• We expect the rising momentum to steer the stock higher and test the next level of resistance of RM2.45 (R1), followed by RM2.55 (R2).

• On the downside, stop-loss is set at RM2.02, below the 14 Feb’s low.
  
  

Source: Rakuten Research - 4 Mar 2024

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