Rising Wedge has formed with upside. This is a rare formation.
Reason why it's a wedge and not a pennant is because the formation is bigger than 1 month.
Above is a Rising Wedge in an uptrend. This is one of the rare formations where the price makes higher lows and higher highs - but within a consolidation after a big move up.
We can either expect the price to...
MEI is breaking above yellow line.
Its a nice clean break, however there is a trending decline in volume, since the start of the year.
Perhaps this is a sign not to buy long, but rather observe.
JSE:MEI
Last few months was consolidating in rectangular pattern. Break higher was expected but this morning it broke lower.
There are small support around 6900/7000 but looks like will go and test 6400/6500 area as pattern projection.
Bellow 6900 next support is only around 6000.
Hitting some resistance might see some movement downward if momentum runs out
The idea is based on my strategy, please consider before using this idea.
Feel free to comment whether you agree or not, I welcome conversation.
Remember to use a stop-loss and manage risk.
Note: The views provided herein do not constitute financial advice.
Watching the accumulation range of Mediclinic (see analysis below). After a sign of strength (SOS) and backup (BU) on declining volume, we now see a significant bar with some volume indicating the breakout and markup is set to start.
Mediclinic is showing signs that the stock is being absorbed. Volume has been declining since the trading ranged (TR) started in January. There are some signs of strength and recent minor signs of strength. Watch for the jump out of the TR.
Last week there was a change in character in Mediclinic breaking the Trading Range supported by volume increasing. The larger trend is still declining but the current move could take us back to the yearly pivot point.
