Bearish potential detected for MPLEntry conditions:
(i) lower share price for ASX:MPL along with swing up of the DMI indicators and swing down of the RSI indicator, and
(ii) observation of market reaction at the support level at $3.76.
Stop loss for the trade would be:
(i) above the resistance level from the open of 5th September (i.e.: below $3.91), or
(ii) above the resistance level from the open of 22nd August (i.e.: below $3.99), depending on risk tolerance.
Medibank
Medibank Private TD Sequential 9 on Daily and Weekly Chart $MPLMedibank Private testing March low at $2.45, after going ex-div last Wednesday.
This week using TD Sequential, we are seeing a 9 on the weekly and yesterday the daily is giving us a 9 us well.
Could this be the bottom for Medibank private?
Stop loss at $2.45.
Company Profile
Medibank Private Limited (MPL) core business is the underwriting and distribution of PHI policies through its two brands, Medibank and AHM. It offers Hospital Cover and Extras Cover to customers in Australia as well as health insurance to overseas visitors and students. It also participates in the broader healthcare industry through the provision of integrated healthcare services to Policyholders, government, corporate and other customers.
ASX: MPL - Medibank PrivateASX:MPL closed above the 55MA for 2 consecutive days. CMF has been neutral for the past week - hints of accumulation - prices were moving sideways. Volume is rising and this is positive. We have a few hurdles to clear from between $3 up to $3.17.
As TK has crossed below the cloud, this signifies a weak bullish sentiment, but it is a first step we need to take in the right direction. Next, we need the prices to cross the barrier to above the cloud in order to have a stronger change in trend direction and head towards the upper trendline eventually at $3.37. For a safer entry, a close above the cloud with confirmation and with a tight stop-loss at $2.94 will see less risks.
A price break below $2.85 will invalidate this view.