Matrix Concepts Holdings is eyeing to move higher as it bounced off the 21-day average line to hit the MYR1.51 immediate resistance yesterday – backed by surging trading volume. If a breakout above that level occurs, the bullish bias would propel the stock towards MYR1.56, ie 30 Nov 2022’s high, followed by the MYR1.66 all-time-high.
Conversely, the counter may reverse its direction if it falls below the MYR1.46 support, forming a “lower low” bearish structure below the average line. Coraza Integrated Technology is poised to resume its recent rebound as it bounced off the 21-day average line heading towards the MYR0.825 resistance, coupled with higher volume. If it manages to surpass that resistance level – forming a “higher high” bullish pattern – the stock may propel towards the MYR0.865 next resistance, followed by Sep 2022’s high of MYR0.895.
RHB Retail Research stated however, the counter may move downwards if it drops below the MYR0.78 support, as it heads to trade below the short-term average line, besides forming a “lower low” bearish pattern.
