A price action below 33000 supports a bearish trend direction. This level also overlaps with its 200-week simple moving average.
Confirmation when the price action slips further below this support level.
Expect some further downside for a price action below 32600.
The target price is set at 30800 (its 200-day simple moving average).
The stop-loss price is set at 34900 (its 23.6% Fibonacci retracement level).
The insert is the linear regression channel analysis for the share against the Top 40 index.
The downward trend suggests that MNP is likely to lag behind the index. Moreover, the movement of prices towards the higher range also heightens the chances of a market correction.
Confirmation when the price action slips further below this support level.
Expect some further downside for a price action below 32600.
The target price is set at 30800 (its 200-day simple moving average).
The stop-loss price is set at 34900 (its 23.6% Fibonacci retracement level).
The insert is the linear regression channel analysis for the share against the Top 40 index.
The downward trend suggests that MNP is likely to lag behind the index. Moreover, the movement of prices towards the higher range also heightens the chances of a market correction.