Timonrosso

Mediclinic rare formation showing upside to R135.18 with warning

Long
JSE:MEI   None
Rising Wedge has formed with upside. This is a rare formation.
Reason why it's a wedge and not a pennant is because the formation is bigger than 1 month.

Above is a Rising Wedge in an uptrend. This is one of the rare formations where the price makes higher lows and higher highs - but within a consolidation after a big move up.
We can either expect the price to break above and head to the next high of the target of R135.18
Or we can expect the price to break down due to bubble fears and the price will drop to the previous low (below the flag pole) at R72.24.

My bias is bullish as the technicals are showing upside such as:
7>21>200 MA - Bullish
RSI has formed a Falling wedge with an up flagpole. If it breaks up, it will head back to X>70 - Bulllish
Target up - R135.18

ABOUT MEDICLINIC
Mediclinic (Est. 1983 in SA Stellenbosch) is an international private healthcare services group with operations in South Africa, Switzerland, and the United Arab Emirates (UAE).
It's listed on the London Stock Exchange, the Johannesburg Stock Exchange, and the Namibian Stock Exchange.
The group has over 77 hospitals and 47 clinics, as well as a number of retail pharmacies and occupational health and wellness services.
The company employs over 34,000 people worldwide.
Mediclinic's largest shareholder is Remgro Limited, a South African investment company.

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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