MATRIX’s share price went up 10 sen (3.12%) to settle at RM3.31 yesterday on slightly higher trading volume with a white ‘Marubozu’ candlestick. The share price has staged a breakout after continuously testing its all-time high resistance level of RM3.28. Chart-wise. All 3 SMAs are pointing upwards while the underlying MACD is quickly closing in on the signal line. RSI and Stochastics are also pointing upwards, fueled by strong buying interest. Should the bullish momentum persist, we expect the share price to push towards the RM3.59 level (R1), before heading en-route to RM3.79 (R2).

 

 

Source: Kenanga