Multichoice price has been ranging between R109 and R125, price is trending down into a daily cycle low expected to be reached when price breaks below the pink support line. A swing low from this point is a low risk entry with price target R130. Ideally price should not break the low set on 7 September 2022.
Note
MCG yet to break the trendline to the downside, continue monitoring, price action for 22/23 November ideally should for a resistance connecting with 11 November to guide price downwards.Note
MCG has entered the territory of ambiguity, price on 5 December went below 17 November. This is a warning sign that price might want to move downwards into January 2023. Price going below 7 September would be the final nail in the coffin.Note
MCG managed to crawl to the target, now finishes the week with a reversal candle off the horizontal trendline (blue). This could be the beginning of a trend reversal.Trade closed manually
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.