MCG trade ideas
Multichoice (MCG): In No Man's LandMCG after capitulation has formed a rising wedge. The green line represents the weekly declining trendline or the line that will confirm whether we are in a new weekly cycle. The pink downward slopping line is the one that confirms a daily cycle low, in this case 14 March 2023. Ideally this rising wedge can stop at the green line & begin a move down to break lower than 14 March for price continuation to the downside. We will update as the cycle takes shape, for now neither bulls nor bears are in control.
MCG: once bitten twice shy I like the price setup that is developing.
The price action is at the lower range of the linear regression channel pattern.
When the price action is at the lower range of an upward-sloping linear regression channel pattern, it can be a bullish setup because it indicates that the price has pulled back to a support level within the channel. This support level can act as a launching pad for a new upward move in the price of a share, as buyers may see the pullback as a buying opportunity and push the price back up towards at least the mid-range of the channel.
I will wait for some confirmation of the break of the 200-day, which is around
12000, before attempting a long position.
As long as the trend remains above 11400, it supports a bullish trend direction.
Below the 200-week, which is around 10900, Negate the bullish bias at this level.
Remains a risky trade.
$JSEMCG - Multichoice Group: Relentless Bears Show No MercyMCG is trading as forecasted on the previous update, link below.
The bears are showing no signs of easing off as can be seen by the shallow depth of wave B which retraced less than 38,2% of wave A.
Wave B can still unfold as an expanded flat and rally back above 12667.
If the move from 11300 to 12667 is all of wave B, then the share is set to move lower for wave C.
A stretch target for wave C is 8447 which is where wave C = wave A in price length.
For the downside short trade, 12667 should be used as a stop-loss level.
Multichoice showing upside before downside thanks to GAPS - SMCSell Side Liquidity Order block - Bullish
This is seen by a very strong support that's formed since October 2022.
We also have had a FVG (Fair Value Gap) Candle. This is where the previous candle and the third candle hasn't filled the orders.
That's why we expect the price to go up, fill the gap and then possibly turn down from here.
Target R140.00
If the price breaks below Sell Side Liquidity- this analysis will be null and void and all signs will point to shorts.
$JSEMCG - MultiChoice: Bear Growls On Gloomy Trading UpdateI have had to make a minor label adjustment to MCG after the selloff today after the trading update released after market close yesterday.
On the last update on March 3, I was looking for buy opportunities on a pullback for wave ((iv)) but I cautioned that the buy would be a wave ((v)) of a higher degree wave 5.
The recent selloff confirms that the wave 1 to 5 are complete and that a three wave correction is to follow.
The selloff from 15520 to 11300 looks impulsive and can be viewed as wave A of a zigzag.
I will sit on my hands on MCG and look out for trading statements as the FY23 ends on the 31st of March.
Multichoice (MCG): Approaching Buy ZoneMultichoice price has been ranging between R109 and R125, price is trending down into a daily cycle low expected to be reached when price breaks below the pink support line. A swing low from this point is a low risk entry with price target R130. Ideally price should not break the low set on 7 September 2022.
$JSEMCG - MultiChoice: Bulls Take Initiative, New Deal TailwindsThe last time i covered MCG was on the 25th of January 2023 and price had been trading in a contracting triangle.
I said the best choice was to sit on your hands.
With a little hindsight, perhaps the best choice would have been using a pending buy order as the forecast did call for a breakout of the triangle for the fifth and final wave.
Price literally started trading up after the analysis and broke-out the trading upper trendline a few sessions later.
Yesterday, Multichoice updated the market that in has entered into an agreement with Comcast’s NBCUniversal and Sky to create the leading streaming service in Africa.
This looks like a good deal and it is worth taking a deep dive into the numbers and how this will translate in revenues and cash flows.
The market reacted positively to the news.
The updated wave count shows the triangle terminated at 10954 and price action looks to be unfolding into an impulse pattern for wave 5.
Buy the dip of wave ((iv)) for wave ((v)) but be cautious as this is the fifth wave of a higher degree fifth wave.
W Formation on Multi-Choice looking good to R147.60W Formation from the last update with Multi Choice is looking good and on track.
It broke above the neckline, and it's been swimming on up on a good inclination (45 degrees).
Indicators are also looking positive.
7>21>200 Bullish
RSI >50 >70 - Bullish
Target R147.60
ABOUT THE COMPANY
MultiChoice was founded in 1995 as a subsidiary of the South African media group Naspers.
The company operates DStv, a digital satellite television service that offers a wide range of entertainment channels and packages.
MultiChoice has a presence in over 50 countries in Africa, including Nigeria, Kenya, Ghana, and Tanzania.
The company has over 19 million subscribers across the continent, making it the largest pay-TV provider in Africa.
MultiChoice's services include DStv, GOtv, and Showmax, a streaming service that offers a range of local and international content.
MultiChoice has a market capitalization of over R64 billion as of February 2023.
MULTICHOICE - Resistance ZoneThe stock has rallied up to a major downtrend line and resistance zone.
It will be interesting to see how price reacts here.
$JSEMCG - Multichoice Group: Best Choice Is To Sit On Your HandsIf "I want to move sideways" was a stock, it would be MCG as that is what it has done pretty much since its unbundling and new listing.
From the March 2020 low, the stock took off in classic Elliott Wave fashion.
After an impulsive wave 1, wave 2 formed a rare running flat which tends to be a precursor for a strong wave 3.
Wave 3 did not disappoint as it was very strong and swift.
Since October 2020 though, the share has been trading sideways in a large, contracting triangle pattern which is common for wave 4.
I am forecasting wave 5 in the medium-term but it will take extreme patience as this triangle can drag on much longer.
This forecast will be invalidated by a break below 10159 zac.
Multi-Choice (but not really)- I bet you R100If this was a wall, the writing is on it. Very choppy trading and often rallying for no reason, the stock has steadily managed to break every kind of support level and indicator. Their earnings were "meh" and we can clearly see that sentiment on the stock has all but soured. I cannot see any reason to hold this stock, both technically or fundamentally, so we may as well short it to R100.00. You can short any bounce, In my opinion and simply wait for the rest of the drop.
MULTICHOICEmultichice seems to be looking very bullish at this point a break out of the structure possible
AG Capital -Storm trading Morning Call 10 December 2021
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
LONG IDEA ON $MCGPrice is forming this IHS setup here. Waiting for the the right shoulder to confirm. Watching this closely as price may bounce hard on test of DEMA200
Multichoice Group downward turnJSE:MCG is showing signs of downward momentum and I think we could see a downward move towards the 10200 support level.
AG Capital -Storm trading Morning Call 19 October 2021We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
AG Capital -Storm trading Morning Call 22 SeptemberWe give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
MCG on the up?JSE:MCG is showing signs of great upward momentum. The stochastic and MACD indicators turned up last week and the two EMA's crossed in an upward direction yesterday as the final trigger for a long trade. We could see a love up towards the 12500 resistance level, and if it breaks through that level, we could potentially see it going all the way towards the previous highs at around the 14000 level.
Full short target reachedOn 20th June we we looking and waiting for the daily close below 11950.
This happened and my full short target was 10200 which was hit today.
Took some time but got there.
Multichoice testing important support11950 seems to be the line in the sand for Multichoice.
A daily close below the horizontal support could open targets of 11000 and 10200.
There are two unfilled daily gaps at 11213 and 10268 which might act as targets should the 11950 support not hold.
