Property developer MATRIX inched up by 1.0 sen yesterday post its recent downtrend from the start of Oct. From the technical perspective, a ‘Dragonfly Doji’ candlestick has taken shape on the day before yesterday signaling a possible upwards reversal from a downtrend. Meanwhile, both RSI and Stochastic indicators have rebounded off slightly from oversold region signaling a possible revival in buying interest of the stock. Stronger buying momentum in the stock could propel its share price to retest the RM2.96 (R1) level fairly soon with RM3.14 (R2) next.

 

 

Source: Kenanga