Trading MTN Group: Upward Momentum Slowing + Poor Buy/Long Reward-To-Risk

Lester Davids

1 day ago2 min read

Trade MTN Group with Unum Capital.

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

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