Trading MTN Group: Resistance Holding, For Now

Lester Davids

5 days ago2 min read

Trade MTN Group with Unum Capital.

To get started, email lester@unum.co.za

We plotted thus level on 27 January, which has been a level the share has struggled to clear. Medium term term momentum in tact, however, a slight (and early) deterioration in candle structure. For ultra short term traders looking for cash flow, this has been a great level to sell into.

Also in line with the price action model at the time (scroll down).

*Note Published: Thursday, 13 February at 16h33.

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Previous Post: Trading MTN Group: Short Sellers Generating Cash

This has been a great opportunity on both the long (scrolls further down) and in recent days became extremely overbought. The model (on Monday 27 January) alerting to a poor upside reward-to-risk and a potential ultra short term short/sell opportunity.

MTN Trading Into The Re-Entry Sell Range, With A Sharp Reversal Today (-4,6%)

Previous Post (Monday 27 January): Trading MTN Group: Upward Momentum Slowing + Poor Buy/Long Reward-To-Risk

Previous Post: Strategy Alert: MTN Group (Thursday 23 January)

*MTN Daily Chart as of Thursday 23 January at 15h29*

Previous Post: MTN Group +R25 Rally / Now Short Term Overbought / Updated Model Reading

***Analyst Price Action Model as of Tuesday 21 January at 09h15***

Model Summary:

The MTN GROUP stock is currently in a bullish trend, but the 7-day trend is overbought. Traders are advised to not chase the price and look for opportunities to short-sell if the price fails to hold key levels. The medium-term outlook is also bullish with aggressive buying, but caution is advised against chasing the price. The long-term outlook is bullish with a strong attempt at a bullish reversal.

Current 7-Day Trend: Overbought.

Current 14-Day Trend: Bullish.

Short-Term Buy/Long Position Opportunity? No. Do not chase the price. If the price fails to hold the highs, the 8-EMA may be a short-sell target.

Medium-Term Outlook (2 to 4 Weeks): The medium-term outlook is aggressive buying but do not chase. Look for an opportunity to short-sell if the price fails to hold prior session range highs back to the 8-EMA.

Long-Term Outlook (5 to 8 Weeks): The long-term outlook is bullish. There is a strong attempt at a bullish reversal following a consolidation phase.

Previous Post: Wednesday 27 November 2024 (15h24) MTN GROUP R10 Lower + New Levels of Interest + Falling Wedge Structure

The share us R10 lower, with the model having alerted traders to monitor for a failure to hold the highs.
Take note of this falling wedge structure on the share