Cup and Handle formed on Mediclinic and has broken above the brim.
We also have a consistent uptrend form of a RIsing Wedge.
We see a break above it, there'll be a ton of upside we can take advantage with.
7>21>200
Target R124.33
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...
The stochastic turned up through the 20 line back on the 9th of Nov and it took a while, but the MACD and EMA's are now showing the sign for upward movement too. If triggered, we could potentially see a move all the way up to the highs last seen in May 2018.
From a technical point of view we have found support, as well as, dynamic support on the 100EMA. We also have a channel that has been respected to the upside. Fundamentally hospitals are catching up on selective surgeries post pandemic.
Break of pre-pandemic stock value could see a sustained rally to the upside. This all depends on sentiment, as well as, how well...
MEI is breaking above yellow line.
Its a nice clean break, however there is a trending decline in volume, since the start of the year.
Perhaps this is a sign not to buy long, but rather observe.
Buy Mediclinic (MDC.L)
Mediclinic International plc (Mediclinic) is an international private healthcare services provider. Mediclinic is focused on providing acute-care, specialist-orientated, multi-disciplinary healthcare services.
M arket Cap: £2.7Billion
Mediclinic broke above resistance at 374p back on the 17th October 2019. The momentum did not continue...
JSE:MEI is showing a bearish engulfing at an established resistance level. If it confirms by going lower than yesterday's candle I will consider a short.
