Mediclinic rare formation showing upside to R135.18 with warningRising Wedge has formed with upside. This is a rare formation.
Reason why it's a wedge and not a pennant is because the formation is bigger than 1 month.
Above is a Rising Wedge in an uptrend. This is one of the rare formations where the price makes higher lows and higher highs - but within a consolidation after a big move up.
We can either expect the price to break above and head to the next high of the target of R135.18
Or we can expect the price to break down due to bubble fears and the price will drop to the previous low (below the flag pole) at R72.24.
My bias is bullish as the technicals are showing upside such as:
7>21>200 MA - Bullish
RSI has formed a Falling wedge with an up flagpole. If it breaks up, it will head back to X>70 - Bulllish
Target up - R135.18
ABOUT MEDICLINIC
Mediclinic (Est. 1983 in SA Stellenbosch) is an international private healthcare services group with operations in South Africa, Switzerland, and the United Arab Emirates (UAE).
It's listed on the London Stock Exchange, the Johannesburg Stock Exchange, and the Namibian Stock Exchange.
The group has over 77 hospitals and 47 clinics, as well as a number of retail pharmacies and occupational health and wellness services.
The company employs over 34,000 people worldwide.
Mediclinic's largest shareholder is Remgro Limited, a South African investment company.
Jsemei
Buy the break!?MEI is breaking above yellow line.
Its a nice clean break, however there is a trending decline in volume, since the start of the year.
Perhaps this is a sign not to buy long, but rather observe.
$JSE-MEIJSE:MEI
Last few months was consolidating in rectangular pattern. Break higher was expected but this morning it broke lower.
There are small support around 6900/7000 but looks like will go and test 6400/6500 area as pattern projection.
Bellow 6900 next support is only around 6000.
$JSE-MEIJSE:MEI
Bullish flag been broken.
First target around 7500
Ultimate target for flag is around 8700/8800 level where gap is still open
Turnaround for MEI?Hitting some resistance might see some movement downward if momentum runs out
The idea is based on my strategy, please consider before using this idea.
Feel free to comment whether you agree or not, I welcome conversation.
Remember to use a stop-loss and manage risk.
Note: The views provided herein do not constitute financial advice.
JSE:MEI Mediclinic Markup Set to StartWatching the accumulation range of Mediclinic (see analysis below). After a sign of strength (SOS) and backup (BU) on declining volume, we now see a significant bar with some volume indicating the breakout and markup is set to start.
JSE:MEI Mediclinic Being AbsorbedMediclinic is showing signs that the stock is being absorbed. Volume has been declining since the trading ranged (TR) started in January. There are some signs of strength and recent minor signs of strength. Watch for the jump out of the TR.
JSE:MEI Mediclinic Showing Some StrengthLast week there was a change in character in Mediclinic breaking the Trading Range supported by volume increasing. The larger trend is still declining but the current move could take us back to the yearly pivot point.
