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 200 day moving average. More risk accepting trader can enter on swing low confirmation on the daily chart.
Note
MTN has confirmed a daily cycle low by closing above the pink resistance, now backtesting the falling wedge & consolidating below the next resistance to be taken out. This will recover the broadening wedge.Trade closed: stop reached
MTN cycle has failed, time to effect a stop-loss.
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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.