Mondi has a short-term resistance made from recent highs, price can continue to push higher & above the trendline but is expected to turn downwards. An opening of a short opportunity at rejection of resistance or at the forming of a swing high. Target is to close the short after price breaks the lower trendline. Expected time to reach the bottom is 15 to 30...
The last time I covered Mondi was on the 8th of September 2022 and I had a price target of 23015 as my forecast was for further downside for the fifth and final wave of an impulse move from the all time high of 43005.
On the 23rd of February 2023, Mondi released a good set of full year results for the year ended 31 December 2022 from continuing operations (ex...
Making its 3rd attempt at that resistance levels now means that the next move will tell us what to do. A failure to get through R340.00 will signal a strong short for some decent downside. Obviously a convincing push higher will trigger a brand new buy signal. Just be aware that you may have to navigate their upcoming earnings...I'm not sure that I ant to be long...
JSE:MNP is trading near an area of value. If there are buyers, the stock may break above this level. However, there is a potential overhead resistance near R367. Is the potential reward worth the risk?
JSE:MNP is showing all of the signs for a good short move. The stochastic and MACD both turned downwards and the 3 and 15 EMAs have crossed eachother in a downward direction. We are looking to reach a target at the 251 level which coincides nicely with previous significant lows from March this year.
Mondi hit our take profit at R325.00.
We have been monitoring it and it's been forming a somewhat Rectangle Formation lately.
I think once the box has formed and the price breaks out, we'll get out next trade entry.
We are bullish still but out of the trade for now...
A bullish harami pattern has formed on JSE:MNP . A bullish harami pattern is a bottom reversal signal which signals a possible long position. With this morning's movement so far, the order has triggered. We are looking to reach a target at around the 342 level.
JSE:MNP attempted to trade above the (declining) 200MA. The stock is back below the level. It's probably better to wait for the 200MA to flatten, then a breakout before one consider a long position.
MARKET: Mondi ( MNP )
TYPE: Long (buy)
ENTRY: R288.42
STOP LOSS: R264.28
TAKE PROFIT: R324.76
REASON: W Formation
Breakout of medium downtrend
Moving average 7>21 - Bullish
Medium probability trade
While sentiment has turned bullish, we will look for opportunities to trade the market up.
Mondi was recently upgraded to overweight by Morgan Stanley.
Take profit and stoploss on the char.
Mondi's share price is still clearly under pressure.
The decline from the all time high of R430,05 appears to be unfolding in a textbook impulse pattern.
Wave 4 closed below R352,74 and the current decline is for the 5th and final wave down.
The first support zone of interest is the previous reversal area at R230,15.
I do not believe now is a good time to short...
On JSE:MNP , the stochastic, MACD and the two EMAs have all crossed upward, signaling a long position. If it continues up today, the position will be triggered.
Remains a risky trade!
A bearish trend direction is applicable below 29500. Crossing above this level will change the trend to bullish.
Strong downside price momentum supports the bearish trend direction.
RSI is a concern, leaving some downside price potential.
Strong trend remains intact according to the ADX.
A hammer candle has formed on JSE:MNP at a strong support level that goes all the way back to 2015/2016. I think it's possible for a bounce off of this level and a nice upward move from here.
- Mondi has fallen victim to the Russia/Ukraine invasion.
Price has fallen into the ambush zone of the last leg up and on the daily, printed a pinbar (possible greenshoots)
Earnings is tomorrow so will be watching closely
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Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Russia contributes around 12% of Mondi's revenue: Sanctions are going to hurt- We might get a bounce on their results, but until peace is restored and sanctions are lifted, I would be selling bounces.
