M Formation formed on MTN, with the price breaking out on 13 June 2024.
We see price below 20SMA and 200SMA showing a high probability analysis.
And there are two downtrend lines confirming the momentym of downside.
First target will be set to R47.34
Diamond Formation formed on MTN.
This is a broadening pattern that could have broke either way. The fact that it broke down and almost retested the 200MA showed the momentum was down and bearish.
Now it's on a one way trip down. First to R90.00 at next support
If it breaks below we could very well see our main target at R60.65
FUNDAMENTALS
MTN Group, a...