Matrix – Long Term Buy (Technical)

Matrix Concept Holdings Bhd (stock code 5236) RM3.88.

below: Matrix daily chart (click to enlarge)Matrix share price is on the rise and has cleared out of the long-term downtrend line. It has remained above the trendline and made a strong run -up on Monday to test the top of the Fibonacci formation resistance. Its momentum indicators meanwhile, remains toppish with both the RSI and stochastic tracing the upper limit line.

This  still  suggests  strength  over  the  near  term  and  the  RM4.00  could  be  breached. Consequently,  we  recommend  a  trading  buy  on  breakout  if  the  Fibonacci  formation  is cleared. If it is not cleared, then the outlook turns neutral. The other resistance is at RM4.00. The support, meanwhile, is at RM3.81.

by Mercury Securities

The principal activities of Matrix consist of general trading and commission agent for the Special Cash Sweep Number Forecast Lotteries, provision of lottery consultancy and related services and investment holding.