MUSTEK LTDLong
Mustek`s Cup & Handle pattern in play.
After tumbling from its all time highs of R18.05 in April 2023, JSE's Mustek Limited went on a steep downtrend and reached lows around R8.00 beginning of April 2024.
The instrument has since formed a Cup & Handle pattern from this R8.00 zone on the 'Daily' line chart, giving bullish reversal sentiments up to at least R10.44 and a +13.4% run chance from current levels. An aggresive long position can be initiated at current market order, otherwise conservatively around R8.98 to target TP1 at R10.44, TP2 at R11.19 and TP3 at R12.25 and all with a Stop Loss at R8.40. A greed target can also be placed at around R13.27 while utilising the same stop loss.
Bearish sentiments will be in play once the intrument slips below R8.50.
The instrument has since formed a Cup & Handle pattern from this R8.00 zone on the 'Daily' line chart, giving bullish reversal sentiments up to at least R10.44 and a +13.4% run chance from current levels. An aggresive long position can be initiated at current market order, otherwise conservatively around R8.98 to target TP1 at R10.44, TP2 at R11.19 and TP3 at R12.25 and all with a Stop Loss at R8.40. A greed target can also be placed at around R13.27 while utilising the same stop loss.
Bearish sentiments will be in play once the intrument slips below R8.50.
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