LL6 trade ideas
Cup & Handle on MTNA Cup and Handle pattern has formed on JSE:MTN .
The Cup with Handle is a bullish continuation pattern and as its name implies, there are two parts to the pattern: the cup and the handle. The cup forms after an advance and looks like a bowl or rounding bottom. As the cup is completed, a trading range develops on the right-hand side and the handle is formed. A subsequent breakout from the handle's trading range signals a continuation of the prior advance.
I will look to enter long if it breaks above the high of 11 Nov with a optimistic target at the resistance around the 8800 level.
Bearish engulfing candle at resistance.After a few doji candles, JSE:MTN has developed a bearish engulfing candle at a resistance level. This is the sign of a possible reversal. I will keep an eye on this and if it breaks lower, I will consider a short position taking it all the way to either the 200SMA or the support level at around 5500.
MTN - Potential Cup & Handle continuation pattern formingIt seems that a Cup & Handle pattern is forming on the Daily chart(marked in YELLOW)
For some technical details of the pattern you can visit the link below:
www.tradingview.com
TRADE IDEA (longer term swing trade)
1) Wait for confirmation break above 7100 to validate the pattern
2) ENTRY break of 7100
3) STOP < 6500
4) TARGET 8700 - 8800 (pink line)
The above is only my analysis and the way I'll trade it, but not a trade recommendation.
MTN Cup and handle against longterm downtrendThinking MTN looks like a good buy:
Maybe premature, but with current optimism, and relatively low oil prices I think there is a lot of scope upwards (?)
Nice Cup and handle forming coinciding with long-term downtrend resistance. Probably more likely that price could break higher with more risk to the upside than to the downside.
Thinking we might possibly test 2019 high should the above pan out?
Waiting for breakout, alternatively with oil's big rally yesterday, I am waiting for $1,50 pullback for oil based entry, but might have missed it already.
Honestly, just throwing some ideas around - speculative opinion, not advice.
MTNFollowing two weeks of higher lows, the share closed above 56.80/57.00 resistance zone as well as above 50-DAY EMA. RSI shifting to 'Strong' from 'Neutral'. Upside targets: 59.70/61.05. Weak below 55.25.
This chart forms part of a broader trading plan and should not be considered financial advice.
Some pressure on MTNThe share broke out of the bearish flag, however, there are buyers of MTN around the R53.60-R53 level holding off the selling pressure. The sellers seem to be quite stronger than the buyers as the share has been making lower highs and lower lows (more visible on the daily chart). Should the sellers push the price to around the R51.80 level where most stops could be sitting. Most of the bulls could feel some pain and their exit could further put pressure on the share.
Weekly plan: villagetrader.co.za
MTN GOING BULLISHMTN has just broken down out of a long term upward trend. It is finding strong support at current levels, and a break above 5718 could see it go all the way to 7292. It must however be noted that it is up against a strong trendline downward. I will have to keep the faith with this one.
#MTN - LONG SWING IDEA- Price has reached oversold levels close to the 100ma and an area of horizontal support
- Short term down trend has been broken and price action giving clues of reversal
- Looking for a swing trade back towards the R73 level
JSE:MTN
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.