MNP: Close to Decision PointsMNP is moving into a half cycle correction, the backtest of the 20 March low left behind a flat trendline depicted by the blue line.
The pink trendline that is acting as resistance is the line that confirms a new weekly cycle, ideally we want current cycle to go below 20 March then turn upwards. The low of 26 September 2022 must hold so that the yearly cycle does not turn bearish.
KYC0 trade ideas
Mondi (MNP) Hitting Resistance, Possible Short EntryMondi has a short-term resistance made from recent highs, price can continue to push higher & above the trendline but is expected to turn downwards. An opening of a short opportunity at rejection of resistance or at the forming of a swing high. Target is to close the short after price breaks the lower trendline. Expected time to reach the bottom is 15 to 30 November for a gain of 10%.
$JSEMNP - Mondi: Bears Take Charge After Triangle DualThe last time I covered Mondi was on the 8th of September 2022 and I had a price target of 23015 as my forecast was for further downside for the fifth and final wave of an impulse move from the all time high of 43005.
On the 23rd of February 2023, Mondi released a good set of full year results for the year ended 31 December 2022 from continuing operations (ex Russia ops which are held for sale).
EBITDA of €1,848 million, up 60% (2021: €1,157 million), with EBITDA margin of 20.8% (2021: 16.6%)
Profit before tax of €1,560 million, up 119% (2021: €712 million)
Basic underlying earnings per share of 195.6 euro cents, up 78% (2021: 110.1 euro cents per share)
Cash generated from operations of €1,292 million, up 29% (2021: €1,001 million); strong balance sheet with leverage (net debt to underlying EBITDA) of 0.5 times
Return on capital employed (ROCE) of 23.7% (2021: 13.9%)
As good as these results were, the Elliott Wave structure still called for downside and a few trading session after, the bears took control.
The share had been trading sideways in wave 4 from the 25062 March 2022 low, consistent with a wave 4 triangle after a strong wave 3.
The triangle pattern is seen as the ultimate dual between bulls and bears, with neither party winning the dual for a prolonged period of time until ultimately one takes control.
The triangle pattern in MNP is the barrier triangle, in this case the upper ((a,c,e)) waves terminate at almost the same price level.
This triangle is significant as it spans almost exactly a full year and looks complete with the clear break down of the ((b,d)) trendline.
Only a break above 33894 will invalidate the triangle outlook.
The bears look to be in control and the next price target to the downside is 25062 followed by 23015.
Mondi PLC- 3rd attempt...Making its 3rd attempt at that resistance levels now means that the next move will tell us what to do. A failure to get through R340.00 will signal a strong short for some decent downside. Obviously a convincing push higher will trigger a brand new buy signal. Just be aware that you may have to navigate their upcoming earnings...I'm not sure that I ant to be long into that right now...
MNP - ShortJSE:MNP is showing all of the signs for a good short move. The stochastic and MACD both turned downwards and the 3 and 15 EMAs have crossed eachother in a downward direction. We are looking to reach a target at the 251 level which coincides nicely with previous significant lows from March this year.
Mondi hit our profit target at R325.00Mondi hit our take profit at R325.00.
We have been monitoring it and it's been forming a somewhat Rectangle Formation lately.
I think once the box has formed and the price breaks out, we'll get out next trade entry.
We are bullish still but out of the trade for now...
$JSEMNP - MONDI - R230,15 The Bears' Target?Mondi's share price is still clearly under pressure.
The decline from the all time high of R430,05 appears to be unfolding in a textbook impulse pattern.
Wave 4 closed below R352,74 and the current decline is for the 5th and final wave down.
The first support zone of interest is the previous reversal area at R230,15.
I do not believe now is a good time to short nor a good time to buy yet.
MNP: another leg down?Remains a risky trade!
A bearish trend direction is applicable below 29500. Crossing above this level will change the trend to bullish.
Strong downside price momentum supports the bearish trend direction.
RSI is a concern, leaving some downside price potential.
Strong trend remains intact according to the ADX.
MONDI - 🌲🌳🌲🌳- Mondi has fallen victim to the Russia/Ukraine invasion.
Price has fallen into the ambush zone of the last leg up and on the daily, printed a pinbar (possible greenshoots)
Earnings is tomorrow so will be watching closely
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Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Mondi PlcMondi has retraced to find support around it's 0.618% Fibonacci retracement level, with a close at 36890c (a two-day pullback from a high of 38500c around the 200-day SMA. Here's the criteria: We'd like to see the share consolidate at the current level or just below followed by a bullish reversal to emerge the 0.618% Fib zone. Stop: 36330c. Target: 38800c.
This is a pre-market idea, thus I do not know where the share will trade at the open however I will monitor for an entry depending on the intraday price action/structure.
On our client platform, the most recent long idea was 35999c on 11 October, from which we saw a consolidation followed by a rebound into 38900c.
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