As pointed out by JXMFinancial, MTZ recently bounced off on a nice volume. I have expanded the idea provided with some more observations that made me take a bullish stance on the stock: - There is a long term uptrend and the price neatly bounced off the low of it. [I connect the tops and then make a parallel line to see if bottoms match. And they do. This is why i think it was obvious for the buyers to get in at the lowest point of the channel.] But wait, there's more - Technicals are all on the lows, *MACD in a nice setup to turn up for a long term run - best place to buy a stock *RSI, RMI, CCI are all on a low and turning up - Plus now we have a neat gap to fill at least while the technicals turn up
The general picture turns really bullish after this, so unless some more news [check them and fundamentals] come out, i see the following: - Target 1: 32 [orange dotted] ; I suspect at this level the MAs will cross and a MAcross signal will pop up - Target 2: 33.9 [bottom of the gap, previous resistance, first dotted red] This coincides with the downtrend resistance[blue line] 10% up from current levels and a nice place to book profits. - Target 3: 35.8 [gap filled, making a new higher high] If it closes above this range, high chance of it heading to 37.4. - Sell Target: if below 27.87 [making a lower low]
The following levels [red dotted lines] just depict the forthcoming resistance levels towards the long term goal of the channel [thick orange dotted]. The price will fluctuate of course on the road and may not reach the top should the trend change due to many yet unknown reasons.