MTN Group, 5498c
I think it's worth watching MTN at current levels. Attached is the hourly chart, where the share has traded in a month-long sideways to gradually downward consolidation range. Several attempts to clear resistance have been unsuccessful however we know that more times a price tests a level, the greater the chance are that it breaks through it. What would we like to see? We'd like to see the price continue to hug the top of the channel combined with strong candle structure and preferably strong bids . This could give us further conviction that an upside break is possible in the near term. The RSI (lower panel) is attempting a break of resistance, which adds further comfort for upside pressure.
What's the downside risk?
1. Price: a swift break and move to below 5295c
2. Market: a change in overall market sentiment (highly probable)
3. A move lower in oil (Nigeria being a large revenue contributor).
On the upside, a break and close above 5580c would shift the bias in favor of the bulls.
I think it's worth watching MTN at current levels. Attached is the hourly chart, where the share has traded in a month-long sideways to gradually downward consolidation range. Several attempts to clear resistance have been unsuccessful however we know that more times a price tests a level, the greater the chance are that it breaks through it. What would we like to see? We'd like to see the price continue to hug the top of the channel combined with strong candle structure and preferably strong bids . This could give us further conviction that an upside break is possible in the near term. The RSI (lower panel) is attempting a break of resistance, which adds further comfort for upside pressure.
What's the downside risk?
1. Price: a swift break and move to below 5295c
2. Market: a change in overall market sentiment (highly probable)
3. A move lower in oil (Nigeria being a large revenue contributor).
On the upside, a break and close above 5580c would shift the bias in favor of the bulls.