After hitting a high of 55c in March 2013, it has been all downhill for MAT, excluding the occasional spike up before the resumption of the downtrend.
Since the lows at 12.5c were put in place in March 2016 though, MAT has been displaying different price action characteristics. It has been setting higher lows and higher highs with a distinct reverse head and shoulders formation evolving.
This week’s spike through the 23c resistance level and jump to the next resistance at 28c was a clear shot across the bow that not only is MAT awakening from its slumber but that it has woken from its slumber.
Today’s close at 23c is MAT’s highest weekly close since September 2016 on strong (at least for MAT) volume. Stale bulls are exiting and fresh bulls are entering.
There will still be some toing and froing between current levels and the 30-32c level which will take some time; however, once that level is cleaned out – and mark my words, it will be decimated sooner rather than later; the game will really be on for young and old.
HAGWE.
MAT Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
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