MTN GROUP LTDLong
MTN: Catching the Bullish Wave - Eyeing R159 Target!
MTN: Catching the Bullish Wave - Eyeing R159 Target!
1. Price Formation: The price has broken out from a Falling flag price formation on a daily chart. The "Falling flag" pattern is considered a bullish reversal pattern, indicating a potential upward trend.
2. Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign indicating short-term bullish momentum.
3. 200-day Moving Average: The 200-day MA is just hovering. This could suggest a potential shift in the overall trend, as the price approaches or hovers around this key long-term moving average.
4. Relative Strength Index (RSI): The RSI is greater than 50, indicating bullish momentum and potential further upward movement.
5. Price Target: R159
Concern: The rising strong trend line from March 2020 may provide a resistance to break
1. Price Formation: The price has broken out from a Falling flag price formation on a daily chart. The "Falling flag" pattern is considered a bullish reversal pattern, indicating a potential upward trend.
2. Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign indicating short-term bullish momentum.
3. 200-day Moving Average: The 200-day MA is just hovering. This could suggest a potential shift in the overall trend, as the price approaches or hovers around this key long-term moving average.
4. Relative Strength Index (RSI): The RSI is greater than 50, indicating bullish momentum and potential further upward movement.
5. Price Target: R159
Concern: The rising strong trend line from March 2020 may provide a resistance to break
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