Long
Hope MediClinic is not a Hospital-pass
This graph is certainly becoming VERY interesting. Like so many of my favorites lately, we can clearly see another Descending Triangle in the share price movement that developed since the beginning of 2019, that could be very positive for MEI , should we see a break and close above resistance level at R58.50. We are however at a scalpels edge (excuse the pun), with a break and close below the R53.50 (more or less current) levels, putting MEI in uncharted territory. Share price still remain oversold according to its 14-day RSI and heavily underperformed the JALSH over the past 12 months. Momentum is still in the red, but did show some improvement lately. Analysts covering the company still see a recovery from current levels and have a consensus (Source: Thomson Reuters) target price on the company of R68.13.
Should the price bounce off current oversold levels and break the top of the triangle at R58.50, resistance should be found at the 50-day moving average at R59.50. A break and close above those levels, could see us test the April & Mei 2019 highs of R65.50.
Should the price bounce off current oversold levels and break the top of the triangle at R58.50, resistance should be found at the 50-day moving average at R59.50. A break and close above those levels, could see us test the April & Mei 2019 highs of R65.50.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.