MTN has been in a downtrend ever since hitting the grey trendline, it has formed a falling wedge (the pink trendlines. The intersection of the trendlines and blue horizontal support is a good spot to seek a bottom.
Ideal to open a long position on the confirmation of a swing low, then scale in when price closes above the 10 week moving average and fully positioned on closing above the resisting trendline.
Ideal to open a long position on the confirmation of a swing low, then scale in when price closes above the 10 week moving average and fully positioned on closing above the resisting trendline.
Trade active:
MTN has closed above the trendline activating a long position 50% of size as RSI is approaching overbought level. Pullbacks will offer opportunity to scale in until fully positioned.
Comment:
MTN has retraced all gains, has also negated the low of 24 October as a yearly low price. Looking at structure of price, a deeper drawdown cannot be ruled out given the structure of Brent Crude oil. Bounces from here need close monitoring.
Trade closed manually
