MTN GROUP limited a potential buy opportunity a bounce on key level waiting for confirmation
- Price is at a trendline support - Divergence has appeared on the stochastic oscillatior. - Looking for a bounce to revert to the mean - SL & TP on chart - MANAGE YOUR RISK - Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Hoping $MTN has the legs to break up through the downtrend.
- As per the previous idea (link attached below)
JSE:MTN has failed to break through a strong support level and seems to be bouncing for an upward move. The stochastic is also in oversold territory which further signals a possible reversal.
JSE:MTN is showing a bullish engulfing candlestick pattern due to yesterdays price action. It's looking good for a long position.
New +TKG / - MTN pair at 0.7554 with a target of 0.825 (TP1) and 0.92 (TP2)
I like the chart here, $MTN has some nice upside potential, both from a technical and valuation stand point. As long as prices don't slide below $216, we can expect a 10 week rally from here, reaching prices as high as $295 possibly. Best of luck, Ivan Labrie.
JSE:MTN is currently at quite a strong resistance level and the expectation is that it will find resistance again. If it bounces off the resistance level, we will look to enter a short once it breaks through the fractal of 26th of July. If it breaks through the resistance, we could possibly be looking at a potential long position.
The MTN share price has steadily improved since creating a low of R75.05 in February. The recent uptick has seen it touch a short-term high of R111.23. The upward momentum seems to be reducing however, and the stock has struggled to break above the R110.00 horizontal resistance. This solid resistance could potentially form a turning point for MTN. Especially...
JSE:MTN has broken out of a symmetrical triangle and is looking good for a short position. Personally, I would wait for a confirmation by it breaking through the fractal on the 13th of May before entering a short position.
I don't want to use this chart to give targets but merely as an illustration of what a very strong technical chart looks like. Firstly as can be seen by the price action we have seen successive higher lows and higher highs on MTN which is very much a characteristic of bullish chart. Adding to that, we have also seen all the major moving averages cross upward and...
Never has there been so many multiple confluences on a single chart as this one. Firstly, price formed a head and shoulders pattern on the weekly chart, and tumbled down after the completion of the right shoulder and breach of the price below the the neckline. Secondly, prices have managed to stay under the neckline, which was a key psychological level at 14 000....
This stock recently broke out of a descending trendline,and is currently retesting either the trendline itself or a support zone. I am of the opinion that t his stock will resume going up once enough buyers enter the market. Traders can possibly look to enter a long position at the 9 615 level, which rep [resents a support level.
JSE:MTN is on the verge of breaking through an ascending triangle pattern. If it breaks through convincingly, I will enter a long position with the target around the level of the close of the gap from August last year.