Coming off the bear market rally the stock has corrected 50% while the broad market corrected 29%. End of downtrend confirmation. Possibility to go long if tennis ball action persists during pull back.
Matas has now broken out of its downward channel but on low volume. I am still holding my position from 53 DKK and keeping an eye on the resistance area of 76 DKK. If the stock price fail to rise through 76 DKK I will sell my position.
Matas might be about to break its down trend if it can move up through the top of the down trend channel at 63 DKK during the next few weeks. If it can, the next price target would be the top of the trading range 76 DKK. A further break through 76 DKK would indicate a new strong up trend.
Will we exit the down channel !
I think this will go down to around 57kr and the move back up.
Kunne godt forestille mig, at den lige skal længere ned i trendkanal inden KØB www.tradingview.com
As long as Matas stays in the trend channel dont buy. When it raises and leaves the channel buy.