W Formation & Ascending Triangle formed on Mondi as I stated before...
The price has continued to move up on a strong trajectory trend line.
It looks like momentum will continue up and we'll get a ver nice buy signal once it breaks above the neckline.
7>21>200
RSI>50
Target remains at R364.88
W Formation formed on Mondi.
We then had a comfortable retracement back to the neckline where the price tested and showed strong demand and buying.
Now it's waiting for the JSE ALSI to push up before we have the next upleg.
7>21 - Bullish
Price<200 - Bearish
RSI>50 - Bullish
Target remains at R330.00
W Formation is forming clearly on the daily.
We need the price to close above and for the price to open above the breakout level.
There are mixed signs with indicators (but this is normal during a change in trend)
7>21 - Bullish
Price<200 - Bearish
We need the price to move above 200MA to ensure upside to come.
RSI>50 - Bullish
R330.00
SMC:
Below the W...
Mondi hit our take profit at R325.00.
We have been monitoring it and it's been forming a somewhat Rectangle Formation lately.
I think once the box has formed and the price breaks out, we'll get out next trade entry.
We are bullish still but out of the trade for now...
JSE:MNP
Developed falling wedge from December 2018 to Novembr 2019. At the begining for November 2019 broke above with projected target in the zone between 38000/38500
In mean time it went down and back tested falling wedge in January 2020.
There is smaller cup and handle pattern that developed over last two months. Target for that pattern is around 37000.
If...
Mondi has been undergoing distribution with an upsloping trading range (TR). After a backup to the TR we now see high volume and increased volatility to the downside indicating increased selling. This is also pushing against an important level of 29000. If this breaks we can see a significant markdown.
JSE:MNP
Made fake beak out few days ago and now back to sideways consolidation.
There is small double bottom with neck line around 31800.
If double bottom plays out target will be around 33800.
Mondi is a global leader in packaging and paper, delighting its customers and consumers with innovative and sustainable packaging and paper solutions. Mondi is fully integrated across the packaging and paper value chain - from managing forests and producing pulp, paper and plastic films, to developing and manufacturing effective industrial and consumer packaging...
