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Mattr Corp - (MATR.TO) - March 20, 2024

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

We last mentioned Mattr in the February 8th edition of the Daily Stock Report. It dipped back down into the yellow zone of the SIA S&P/TSX Composite Index Report, but in the last few days, its relative strength has improved again and the shares have returned to the Green Favored Zone.

In the last month, MATR.TO shares have climbed 5 spots to 54th place. Since February 7th, MATR.TO is up 10.5%, while the S&P/TSX Composite Index is up 4.2%. Back in December, a correction in Mattr Corp. (MATR.TO) shares bottomed out with a successful test of $13.00, a level which has reversed polarity back and forth between support and resistance over the last 18 months. Since then, accumulation has resumed with a new uptrend of higher lows emerging.

This month, MATR.TO has broken out over $16.00 and snapped a downtrend line, completing a Symmetrical Consolidation Triangle and signaling the start of a new upswing. Since then, MATR.TO has established 16.00 as new higher support and continued to rally. Next potential upside resistance appears in the $20.00 to $20.80 range between a round number and last summer’s highs.

Between August and December of last year, Mattr Corp (MATR.TO) shares staged a significant correction. That retreat eventually bottomed out at a higher low near $14.00, keeping its underlying longer-term uptrend intact. Since December, accumulation has resumed. This month, the shares have staged a bullish Double Top breakout to confirm that an upswing is underway.

The shares are currently approaching downtrend resistance. A close above $18.10 would complete a pending symmetrical consolidation triangle and confirm that the underlying uptrend has resumed. Should that occur, next potential upside resistance could emerge at a previous column high near $19.60, the August peak near $20.80, or $21.60 based on a horizontal count. Initial support appears near $16.05 based on a 3-box reversal.

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

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