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Mattr Corp (MATR.TO) - February 8, 2024


Mattr Corp. (MATR.TO), formerly known as ShawCor, is a producer of advanced materials for use in energy applications such as pipe coatings.

After struggling relative to other companies in the SIA S&P/TSX Composite Index Report in the latter months of 2023, Mattr has attracted renewed interest since December. In the last month the shares have climbed 51 spots in the relative strength rankings to 54th place, returning to the Green Favored Zone for the first time since September. Year to date, the shares are up 5.2%, compared with a 0.1% gain for the S&P/TSX Composite over the same period.

Candlestick Chart Bounces up off a Successful Support Test:

Mattr Corp (MATR.TO) staged a big rally last spring, rallying from near $12.00 toward $20.00 before dropping back in a fall correction. Toward the end of last year, the slide was contained by support near $14.00, a previous breakout point that reversed polarity.

Since the start of this year, accumulation has resumed with the shares climbing toward $16.00. MATR.TO has broken out over its 10-week average and retested it as new higher support near $15.25, both positive signs. Upside resistance appears near $18.00, a previous support point, and then the July 2023 peak near the $20.00 round number.

Point and Figure Chart Starts to Rebound Again:

Mattr Corp. (MATR.TO) has been under accumulation since the October 2022 market bottom, steadily advancing in a step pattern of rallies followed by periods of consolidation at higher levels. The most recent four-month pullback bottomed out at a higher low back in December. Since then, the shares have been bouncing back, and recently completed a bullish Double Top breakout to signal the start of a new upswing.

Based on a combination of a horizontal count, a round number and previous highs, upside resistance may emerge in the $20.00 to $20.80 area. Initial support appears near $15.15 based on a 3-box reversal.

With a bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) increasing to 9 out of 10, MATR.TO is exhibiting short-term strength against the asset classes.

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