See link below for previous analysis.
MTN released its FY'23 results on the 25th of March and it was a mixed bag of results.
Salient features:
Group service revenue grew by 6.9% (13.5%*) to R210.1bn (2022: R196.5bn)
EBITDA (before once-off items) down by 0.5% (9.8%*) to R90.5bn (2022: R90.8bn)
EBITDA margin lower by 3.0 percentage points (pp) to 40.9% (1.2 pp*...
MTN price went below R131.25 representing a cycle failure, since this is early in the cycle, we can expect price to begin trending downwards with high probability we are going below R107.35 (the previously weekly low). The share has also failed to recover the broadening wedge. In the short-term we can expect a weak bounce out of a half cycle correction.
MTN, a leading emerging market mobile operator, serves a vast customer base of 290 million people across 19 countries in Africa and the Middle East, with significant subscriber bases in Iran, Nigeria, and South Africa. The company operates in a challenging environment characterized by fierce competition and declining voice revenue, offset to some extent by the...
MTN as we recently have seen, was bashed down.
The recovery is now printing a Bull Flag at certain key Fibonacci Levels, which could signal some further upside in next few months.
The Chart documents my thoughts.
As always get a few Experts advice before making any Investment or Trades.
May 2024 be prosperous to all.
Regards Graham.
MTN, a prominent mobile operator in emerging markets, serves a vast customer base of 290 million people, including 29 million in South Africa, across 19 countries in Africa and the Middle East. The company's substantial subscriber bases are primarily located in Iran, Nigeria, and South Africa. Like many in the mobile service industry, MTN faces intense competition...
This has been a long winded analysis.
We sent out this one on 22 Dec 2023, which gave a Conservative entry from the Dimaond Breakdown.
And now the momentum is picking up to the downside.
We also have an Reverse Inv Cup and Handle which is rare but also effective.
The Nature is still High probability as the Price is below BOTH 20MA and 200MA.
Target...
See link below for previous analysis.
MTN stock had a strong rally from 8700 to 11800 and as per the previous analysis, it turned out to be a dead cat bounce as price has broken below 8700.
I have changed the triangle wave count slightly {previously have wave E of (B) terminating at 14289} which gives a new perspective for the decline from 14299.
The decline...
Diamond Formation formed on MTN.
This is a broadening pattern that could have broke either way. The fact that it broke down and almost retested the 200MA showed the momentum was down and bearish.
Now it's on a one way trip down. First to R90.00 at next support
If it breaks below we could very well see our main target at R60.65
FUNDAMENTALS
MTN Group, a...
Diamond Formation formed over ther last two years with MTN.
Now initially, you wait for a breakout before you trade a broadening pattern like the diamond.
And then, we saw it break below - showing the momentum and supply was higher to the downside.
I sent this analysis out and called it a short investment. What that means is that this type of trade is a LONG...
The Broadening Diamond formation has finally broken below. The price came down but on weak selling volume.
Now it seems to head up to test the 200MA before deciding which main direction it wants to go.
THe overall prior trend was down and the breakdown was also confirming for the bears.
WIll have to wait for a conservative approach for the price to test the...
Looking at MTN's price action, it's been on a downtrend since breaking out of a sideways range. The RSI shows it's oversold. I'm waiting for the RSI to cross above the downtrend line, similar to what happened in May 2023 after the earnings report.
My plan is to aim for a target of 108-110 initially. If it breaks above that with good support, I'll consider adding...
See link below for previous analysis.
MTN stock continued lower from the previous analysis.
The stock has caught a bid at 8700 and might have a relief rally, dead cat bounce, or a bottom could be in at 8700 and this could be the early stages of a longer-tern rally.
There is not much to support a thesis that a bottom is in as the bounce is not on high volume and...
We posted this Diamond Formation earlier in the year.
The price broke below the formation, and since then it's been on a way way trip.
Price<200 which signals a confirmed bear market.
Target remains down to R60.65.
MTN is a leading emerging market mobile operator, serving 290 million people (including 29m in South Africa) in 19 countries across Africa and the Middle East. MTN's three largest subscriber bases are in Iran, Nigeria and South Africa. Generally, companies supplying a mobile service have been faced with very stiff competition and declining voice revenue. The sharp...
MTN hovering around 90 which is another important level of support. Facing a couple of challenges, like MTN Nigeria and the Israeli war, the price has some work to do. Possibly oversold in the short term, we could see a relief rally from this 90's area, or the price could stabilise and consolidate. Potential upside target is 109 and should the stock weaken...
The chart doesn't need much explaining. The stock is trying to reverse off the bottom of the 1-year channel while forming some divergence on the RSI. A move above todays high should hopefully see this gain some momentum, with a short term move to R119 possible. Larger target would be for this to trade back to the top of its channel over the last year at R144....
It looks like MTN still has more downside to do. We have a technical double-top chart pattern that can target 80-85 in short-medium term.
Note how the double top pattern is part of a larger (bearish) descending triangle chart pattern whose measured target I'm scared to calculate!
Price is currently oversold on the RSI meaning we may get a short bounce.
I would...
