MTN Technical Take:
This is one for the watch list, MTN Group Limited (MTN) has been running in a sideways channel on the weekly time frame since September 2016. With support at 10865c and resistance of 13000c the sideways movement seems to be never ending.
I am looking and waiting for a break and preferably a close above the 13000c level to place my long trade.
[JSE:MTN] Trade Summary:
- Entry: Long (buy) 13049c
- Stop: Determine when entering
- Target price 1: Possible target price 13495c
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Read more notes by Barry HERE.
All charts sourced from Bloomberg
Barry Dumas | Trading Specialist at GT247.com
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