Coming in this morning our short term swing data for MTN Group suggested: "Strong Upside Move But Momentum Slowing With Sellers Becoming Active".
This afternoon we are starting to see the weakness emerge with the share having developed a bearish engulfing candle at the channel resistance which is close to the linear regression channel (upper band).
The following is also noted:
- Bearish divergence on the RSI
- Price (10346c) extended well above 200-day (7268c).
For short term traders, possibly some caution on buy/long side.
This afternoon we are starting to see the weakness emerge with the share having developed a bearish engulfing candle at the channel resistance which is close to the linear regression channel (upper band).
The following is also noted:
- Bearish divergence on the RSI
- Price (10346c) extended well above 200-day (7268c).
For short term traders, possibly some caution on buy/long side.
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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.