Mondi has had a stellar run, price is now at level where the Russian war panic set in, this is also a confluence of resistance, the horizontal line meets the resistance of the rising wedge as well as the 100% retracement zone of the Russian panic. With RSI overbought & in week 8 of a weekly cycle, odds are we are topping. Week 9 is a favourite high for previous weekly cycles. We can attempt higher price but close the week with a wick before selling begins. Longs would be better off harvesting some profits here.
There are areas of interest to watch where the selling can be halted but we will explore those as we near the end of a sell-off.
There are areas of interest to watch where the selling can be halted but we will explore those as we near the end of a sell-off.