MATRIX’s jumped 19.0sen (8.0%) yesterday to RM2.56, rebounding after the November-December sell down. This was also on the back of an uptick in volume over the last few days. Chart-wise, there appears to be a Morning Star Doji which is a strong bullish reversal signal. Yesterday’s trading also closed with a White Marubozu which suggests that buyers are coming in strong on the stock. Key indicators are also pointing upwards as the MACD is narrowing in on the Signal Line while RIS and Stochastics are pointing upwards from Oversold levels. We believe that buying interest in the stock remains resilient and expect share price to push towards RM2.61 (R1) and RM2.75 (R2).
Source: Kenanga