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 big telecom company in Africa, is facing a serious lawsuit in the US.
They are accused of doing business with a group linked to terrorism, which could have helped fund terrorist activities.
This is a big deal because it's the first time a company might be held responsible in the US for helping a terrorist group. Because of these legal issues, investors might be worried about MTN's future.
This concern can lead to a drop in MTN's stock price, as investors might sell their shares fearing potential financial losses or damage to the company's reputation.
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 big telecom company in Africa, is facing a serious lawsuit in the US.
They are accused of doing business with a group linked to terrorism, which could have helped fund terrorist activities.
This is a big deal because it's the first time a company might be held responsible in the US for helping a terrorist group. Because of these legal issues, investors might be worried about MTN's future.
This concern can lead to a drop in MTN's stock price, as investors might sell their shares fearing potential financial losses or damage to the company's reputation.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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.