MTN Group Ltd (JSE: MTN) has been in a downtrend since September, failing to break the resistance around 96.00.
A bullish falling wedge is forming, suggesting a potential breakout with a target around 95.00. The current price is testing a key support zone at 81.70, which has held in 3 out of the last 4 tests. RSI and MACD indicators are showing signs of bullish momentum, with the RSI potentially breaking its downtrend line, similar to past upward movements.
Watch for a breakout above the wedge and RSI trend line for confirmation of a bullish shift.
Target: 88.50 (initial) and 95.00 (major).
A bullish falling wedge is forming, suggesting a potential breakout with a target around 95.00. The current price is testing a key support zone at 81.70, which has held in 3 out of the last 4 tests. RSI and MACD indicators are showing signs of bullish momentum, with the RSI potentially breaking its downtrend line, similar to past upward movements.
Watch for a breakout above the wedge and RSI trend line for confirmation of a bullish shift.
Target: 88.50 (initial) and 95.00 (major).
Trade closed: target reached
Closed at 94.
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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.