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runyamhere

Multichoice (MCG): Approaching Buy Zone

Long
MULTICHOICE GROUP LTD (JSE:MCG)  
runyamhere Updated   
JSE:MCG   MULTICHOICE GROUP LTD
Trend Analysis Chart Patterns
2
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trendanalysis chartpattern
Multichoice 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.
Comment:
MCG yet to break the trendline to the downside, continue monitoring, price action for 22/23 November ideally should for a resistance connecting with 11 November to guide price downwards.
Comment:
MCG has entered the territory of ambiguity, price on 5 December went below 17 November. This is a warning sign that price might want to move downwards into January 2023. Price going below 7 September would be the final nail in the coffin.
Comment:
MCG managed to crawl to the target, now finishes the week with a reversal candle off the horizontal trendline (blue). This could be the beginning of a trend reversal.
Trade closed manually
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