Date: October 22, 2024
Broker: CGS International

Overview

ITMAX System is a Malaysian company specializing in providing integrated IT solutions. The company focuses on offering advanced surveillance, communications, and information technology systems to various sectors, including public safety and infrastructure.

Current Stock Performance

• Last Price: RM 3.74
• Entry Price Range: RM 3.57
• Support Levels:
  • Support Level: RM 3.32
• Resistance Levels:
  • Resistance 1: RM 3.86
  • Resistance 2: RM 4.00
• Stop Loss: RM 3.32
• Target Prices: RM 3.86, 4.00

Technical Analysis

ITMAX System’s stock has been showing positive momentum, with recent movements pushing the price up to RM 3.74. The stock broke past key moving averages, suggesting a continuation of its upward trend. The current setup highlights a solid support base at RM 3.32, which has been tested and held, providing a safety net for traders.

The technical indicators, including the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), support the bullish sentiment, with strengthened buying signals observed. If the stock maintains its momentum, it has the potential to reach its resistance targets of RM 3.86 and RM 4.00.

Trading Strategy

Aggressive traders are advised to consider taking long positions at the entry price of RM 3.57 or on pullbacks to this level. A stop loss at RM 3.32 is recommended to manage potential downside risk. The upside targets at RM 3.86 and RM 4.00 offer attractive returns for those capitalizing on the ongoing bullish trend.

Analyst Comments

The technical outlook for ITMAX System remains favorable, supported by rising trading volume and strong technical indicators. The clear structure of support and resistance levels offers defined risk-reward scenarios for traders. If the stock continues its upward trajectory, it presents an opportunity for gains, bolstered by the company’s strategic positioning in the IT solutions market.