MTA TURN OF THE CHARTMetair was looking extremly oversold however a nice bounce of key level has now given opportunity for decent bounce
Metair
Metair Up or Down? Both targets possibleBox Formation has formed with MTA.
Now we need to wait for the breakout.
Now this is funny. Normally box formations are Continuation patterns.
As the prior trend was down, we would expect the price to break down.
However, we are seeing higher lows and the support is being respected.
So I am favouring an upside breakout. But in the meantime I'll give you both potential targets to act on.
7>21 - Sideways
Price<200 - Bearish
RSI=50
Target up R22.00
Target down R16.00
ABOUT THE COMPANY
Metair Investments Ltd is a South African company that manufactures, assembles, distributes, and retails energy storage solutions and automotive components.
Establishment:
Metair was founded in 1948 and has since grown into a global company with operations in numerous countries.
Public Listing:
Metair has been listed on the Johannesburg Stock Exchange (JSE) since 1987.
Two Divisions:
Metair operates through two primary business segments - Energy Storage and Automotive Components.
Global Presence:
Metair's operations span across South Africa, Turkey, Romania, Germany, the United Kingdom, and the rest of Africa.
Energy Storage:
Under the Energy Storage division, Metair manufactures products for automotive, industrial, renewable energy, retail, and telecom sectors. The division includes the brands Mutlu, Rombat, and First National Battery among others.
Automotive Components:
Metair's Automotive Components division includes companies like Hesto Harnesses, Lumotech, and Smiths Manufacturing. This division produces original equipment (OE) components for vehicle manufacturers and aftermarket parts.
Technology Development:
Metair is involved in the development of lithium-ion battery technology and has a strategic focus on e-mobility.
Metair skyrocketing to R30.00 with a warningFalling Wedge which looks more like a rectangle flag formed on Metair.
We then saw a Major breakout today.
The next target is generally to the top of the formation.
However, we have mixed signals and a warning.
200>21>7 - Bearish
RSI>50 - Bullish
Target R30.00
WARNING
We need the price to break above the 200MA to indicate it's in a confirmed uptrend. We need to wait for this to happen before the bullishness shows more on the charts.
ABOUT
the group manages an international portfolio of companies that manufacture, distribute and retail products for energy storage and automotive components. Metair was formed in 1948, becoming a supplier of automotive components to a single OEM in South Africa in 1964.
