Daily Levels: NPN, FSR, MTN Daily Levels: NPN, FSR, MTN
Subject to change based on price action (updated daily).
MTN trade ideas
MTN Seeking a Daily LowMTN is seeking a daily chart cycle low, the first out of a weekly low. This is a good point to buy if one missed the it.
MTNThat was a disappointing breakout failure from JSE:MTN . Most of the MTN African subsidiaries reported decent results, and the Group came out with decent numbers. The tape is just weak.
MTN going up to R136.82 before going down to R90.29Head and Shoulders formed on MTN yet again.
Price<200 21>7 - Bearish
RSI<50 bearish
Target R90.29
SMC (Smart Money Concepts)
Bearish Fair Value Gap formed hence the big candle down.
Now due to the 1st and 3rd candle not overlapping, means we can expect the price to move up close the gap before moving down again
This gives a buy signal on the short term side with the Bearish FVG to R136.82
MTN- SELLIf you were fortunate enough to catch the rally, now would be the time to sell (if you didn't get out at the top). Today's price action suggests that MTN is breaking below the all important 200 day Moving average. Should the share price end the day below that, any follow through from there could likely see the stock drift lower all the way back towards major support which I would place between 122.00/125.00. That might open the door to take up a long position from there. But for now it looks like a strong sell...
MTN - Area of strong supportMTN is currently finding itself testing double TL support. Share sold off quite heavily yesterday and seems like it might be overdone. Should support fail here - around 124 - we could see another down leg to 110. Stop loss on a close below 109.90
MTN FightingMTN holding above the line for a while now, think it might swing down to test channel again
MTN neutral stand with a bullish bias with to R157.65 -Confused?Box Formation formed on MTN and the Prev. trend up
We need the price to break either ABOVE or BELOW the formation before I make any decisions.
The funny thing about MTN is how consistent the sideways moves have been for decades.
It has a personality of its own and is only something you pick up after being in the markets for a few decades.
Anyway, I like to think my bias is bullish but the signals are mixed.
21>7 price>200 - Mixed
RSI<50 - Bearish
Bias bullish target R157.65
ABOUT
MTN Group Limited (over R200 billion market cap) is a multinational telecommunications company headquartered in Johannesburg, South Africa.
The company was founded in 1994 and has operations in over 20 countries in Africa, Asia, and the Middle East.
MTN is the largest mobile network operator in Africa, with over 280 million subscribers
The company offers a wide range of telecommunications services, including voice and data services, mobile money, and digital services.
In addition to its mobile network operations, MTN has also invested in a number of other business ventures, including e-commerce, fintech, and energy services.
Bullish Pennant on MTNJSE:MTN price has broken out of a bullish pennant pattern that formed over the last month or so. It seems to have retraced a bit since, so we will have to wait and see if the trade gets triggered.
MTN breakout out of the base?MTN is looking like its breaking out of its base. After breaking and retesting the 200 day EMA. This MTN chart looks rather bullish. Its looking well poised from to return to the R200 highs.
MTN Cup and Handle target to R168.75 - But warning!MTN Cup and Handle formed and the price has broken up and out of the brim level.
We are however seeing mixed signals.
7>21 <200 - Mixed
RSI>50 - Broken buy divergence
Also the price has come down which gives a conservative entry.
Bullish bias
Target R168.75
CONCERNS:
MTN for over a decade and has been on my naughty list. It seldom works with the system and it yields very slow results and returns when it does.
MTNJSE:MTN buyers seem to have ignored the foreign tax issue. JSE:MTN was attempting to trade above the 150MA prior the SENS, the stock has managed to come back above the level, and past want we considered to be a resistance level.
Feels like it has based and ready to blast offMTN is looking like a stock that has completed its basing pattern and ready to blast off and run. However waiting would be important for a real breakout.
MTNMTN Group (MTN) | Strong upside follow-through from prior bull-bear pivot at 12189c to test (flagged 19-December) to test a high of 13742 on Friday. SENS after market close with relating to Ghana tax issue could be the reason it will have to pull back from resistance. My price action data states ‘approaching overbought’.
MTN JSE:MTN attempting to move up. Maybe there will be a confirmation on Monday, or it'll be too late.
MTN position triggeredIt took a while, but the long position on JSE:MTN was finally triggered with yesterday's price action. Today's move is looking good for a continuation to the upside. Target at the 146 level
MTN still trading in a bigger downtrendMTN is still trading in its longer term bearish channel after price rejected its 1 year moving average during early December
so long as the bears can keep prices sustained below the R143 mark there should be more downside to come
Long View: MTNMTN initially broke the down channel but it didn't last long, monitoring this current position to see if it can move up from here.
I would like to hear your thoughts, let me know.
MTNA few days ago (see original post attached) I mentioned 12189c as a key (potential) reversal level. This was identified via my Automated Price Action Guide as the bull-bear pivot. On Monday we saw the share trade below this level before quickly reclaiming it to close the session higher by nearly 400c (a great opportunity for intraday or ultra short term traders).
For more research insights, including trade ideas, get in touch today.
MTN Levels I would be considering going into next week.
The table is via my automated price action model (which is subject to daily change).
For more research insights, including trade ideas, get in touch today.
MTN ready againThe stock, just like most that rallied pre-lockdown, is completing Wave 4 Correction. After a Correction comes a rally.
MTN - 1D - Price has broken out of a declining wedge within a bullish channel. It may be giving a perfect good by kiss on the declining wedge which also coincides with the EMA50.I Will buy above 13981 with a target of 15979. Stop loss at 13000.
