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Writer's pictureLester Davids

MTN Group: Next Best Re-Entry Range - Wednesday, 14 August 2024

Pre-Market


The share has rallied significantly from my alert at 7400c, trading above 8300c. The pullback to the (now) rising 8, 21-EMA is a range to consider a buy/long re-entry.



The slide below re: MTN was shown in the report for Monday 12 August 2024 (Active Trading Plan).


 

Previous Post


Real-Time: 09h51


 

Previous Post


  • Update as of 10h25

  • Has advanced from 7400c to 7834c.

  • Reading published in real-time last week Thursday at 16h44


 


• REAL-TIME - 16h44


New Trigger


 

Previous Post


Hi Lester,

 

I hope you are well.

 

Do you have any analysis on MTN?


Hi ___ - I trust you're well. 

 

This R80 level has been tested since March, which has held however, such persistent tests make a share vulnerable to the level being breached, especially when there is poor candle structure (such as today). The share also remains below its declining 21-week EMA, which could act as a headwind in the short term. The R78 to R80 level appears to be getting weak and if we break below, the momentum could accelerate to the downside. 

 

When will I get bullish? When it stops going down and when it it starts to trade with strong price action above R83, and even more so above R88.

 

For now, the buy/long risk appears elevated (avoid).


Lester Davids

Analyst: Unum Capital

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