Date: September 24, 2024
Broker: CGS International
Company Overview
ITMAX System Berhad operates as an integrated digital infrastructure provider. The company offers public space networked systems and related artificial intelligence technology solutions. These solutions promote sustainable living by enabling the efficient management of cities, townships, and enterprises. ITMAX System serves customers worldwide, delivering innovative technologies for urban management and development.
Technical Analysis
On September 23, 2024, ITMAX System’s stock closed at RM3.57, reaching an all-time high. This upward movement supports the breakout from a technical triangle pattern that occurred four trading days prior. Prices are now trading above key exponential moving averages (EMAs), suggesting the continuation of the current uptrend in the short term.
Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicate growing bullish momentum, with MACD confirming a golden cross and RSI showing an upward hook. This technical momentum suggests that traders could look for further price increases.
Entry, Support, and Resistance Levels
- Entry Price Range: RM3.50 – RM3.57
- Support Levels:
- Support 1: RM3.33
- Support 2: RM3.19
- Resistance Levels:
- Resistance 1: RM3.67
- Resistance 2: RM3.86
- Target Price: RM3.86, RM4.00
- Stop Loss: RM3.32
Trade Recommendation
Aggressive traders are advised to enter long positions either at the current price or on weakness, setting a stop loss at RM3.32, just below the 20-day EMA. The stock is expected to push higher towards Fibonacci targets at RM3.86 and RM4.00 in the near term, supported by technical indicators and market momentum.
Analyst Coverage
Conclusion
ITMAX System has demonstrated strong technical performance, bolstered by positive momentum indicators. With prices trading at an all-time high and the stock breaking out of a bullish triangle pattern, ITMAX System appears poised for further gains in the short term.
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