Multi-Choice after its breakway gap could fly from here to R135
Couple of things with Multi-choice.
It moved on low liquidity to the downside before making a break-away gap and back into the uptrend.
Now with gaps they close over 70% of the time and so, we're getting that retest back to close the gap, retest the uptrend and possibly heading up from there.
We got the Cup and Handle, which broke up and make a fakeout. But I believe this is temporary, as there are a couple of retests to take place including 200MA.
First target could head to R135.75
Fundamentals
The rally in MultiChoice Group Limited (JSE:MCG) in 2024 has been influenced by several factors, including a significant acquisition move by CANAL + SA, which expressed a non-binding intention to acquire a 68.24% stake in MultiChoice Group for ZAR 30.4 billion.
It moved on low liquidity to the downside before making a break-away gap and back into the uptrend.
Now with gaps they close over 70% of the time and so, we're getting that retest back to close the gap, retest the uptrend and possibly heading up from there.
We got the Cup and Handle, which broke up and make a fakeout. But I believe this is temporary, as there are a couple of retests to take place including 200MA.
First target could head to R135.75
Fundamentals
The rally in MultiChoice Group Limited (JSE:MCG) in 2024 has been influenced by several factors, including a significant acquisition move by CANAL + SA, which expressed a non-binding intention to acquire a 68.24% stake in MultiChoice Group for ZAR 30.4 billion.
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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)
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