When a chart pattern fails, that's more important than the chart pattern itself. MTN fails failed to hold up the second wave. The Stock is likely to fall further to around the RR71.50 levels.
Stop loss around R125
JSE:MTN went on a rally in March 2020 from lows of R26.25 and painted a high at R211.49
The instruments seems to be in a pullback phase after that strong bullish impulse. Price is currently painting a falling wedge, which may be a signal that a reversal of the current downward momentum might be in play. over the short to medium term, price may consolidate...
See link below for the last coverage of MTN.
The stock has been moving sideways since October 2022 and over this period, I was tentative to the labelling of the consolidation.
Recent price action has given me more perspective and it looks like the larger structure from 21149 is a zigzag with an impulse for wave (A), triangle for wave (B) and the current sell-off...
If you want it, I'll send you the original charts and comments from my model for the previous two long (buy) and short (sell) ideas.
Quick Comment: At current levels, I think the share could be setting up for a buy/long as it trades into oversold conditions.
Time Frame: Short Term
Price at the time of writing: 11479c
For more research insights, including...
Diamond Formation has formed since September 2022.
This is a weekly chart because MTN is by far the most difficult market to analyse.
It is famous for moving sideways for extended periods of time. Then it eventually breaks out and moves in a trend for a short but powerful period.
This is only a market for trend traders who wait for the big move.
Or for range...
The short outlook of the last update was quickly invalidated, link below.
The count from 21149 to 11262 remains valid, what has become complex is the sideways consolidation from 24 October 2022.
The advance from 11262 to 14942 is in three waves.
The decline from 14942 to 10735 can be labelled as a three or five wave move, and this is the subjective element that...
MTN is dropping into a daily cycle low, price has formed a flag and pole formation, when price confirms a cycle low by closing above the resistance of the flag, we would expect a target price of around R162. Also of interest is the inverted Head & Shoulder pattern which would guide price higher. At current level we have support of the 30 week moving average and...
MTN: Catching the Bullish Wave - Eyeing R159 Target!
1. Price Formation: The price has broken out from a Falling flag price formation on a daily chart. The "Falling flag" pattern is considered a bullish reversal pattern, indicating a potential upward trend.
2. Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign...
MTN has formed a bullish flag pattern that could see it rally towards R146 initially.
Bulls will need to hang onto the 50dma around R130 to keep this idea in play or risk a further down leg to R126.50 - R122.00
A bull flag is a bullish chart pattern that occurs when a stock is in a strong uptrend but then has a slight consolidation period before continuing its...
MTN has found itself in a tricky position, the cycle failed and price appears to be forming a rising wedge (bearish) with resistance encompassing the pink line, 30 day moving average and 200 day moving average. A convergence of resistance is hard to overcome, so we can expect MTN to be rejected if it gets to that point, since the cycle is already failed price will...
MTN has been in a downtrend ever since hitting the grey trendline, it has formed a falling wedge (the pink trendlines. The intersection of the trendlines and blue horizontal support is a good spot to seek a bottom.
Ideal to open a long position on the confirmation of a swing low, then scale in when price closes above the 10 week moving average and fully...
JSE:MTN Another trade that says in big neon letters, Don't Do This
If you have a penchant for masochism, and don't see the sense in the broad, thoughtless rally in SA Inc, then note the following:
- RSI at 80 is ready for a downtick
- MACD, still strong, has started slowing
- Momentum has stalled in the last 3 days, some long wicks on both sides of the...
MTN has had an astounding rally clocking up +36% from the swing low
RSI is is deep overbought territory on the daily
We have reached a resistance zone at R146.
It will be important to see how price action develops here to see if the momentum can keep going for the bulls.
Rev C&H has formed on MTN.
The price has broken above the brim level and also it's broken above the downtrend since 11 March 2022.
So this looks good for upside. However there is a warning.
7>21
RSI>50
Target R165.39
WARNING:
I never ever get MTN right in all my 20 years of trading the JSE, so take this with a pinch of salt.
MTN is on my S&^t list and yet, I...
MTN stock has shed almost 50% of its value from the March 2022 high of 21149.
Yesterday, the group released a quarterly update for the period ended 31 March 2023 which is a must read for a fundamental perspective.
Technically, the price patterns are becoming clearer.
The prolonged sell-off from 21149 to 11262 is labelled as an impulse for wave (A) with wave 5...
