MTN Nigeria is seriously cooling offMTN Nigeria Stock Analysis
On Monday, December 9th, 2024, MTN Nigeria experienced a significant turning point in its price action. From its all-time high of ₦320 on January 9th, 2024, the stock declined steadily until it reached a low of ₦170 on December 9th, 2024. This level, which initially acted as a major support, later became a key resistance zone.
The eventual breakout above the ₦170 resistance on 9th December 2024 marked the beginning of a strong upward rally, propelling the stock to a new peak of ₦495, just shy of the psychological ₦500 level.
Technical Outlook:
Based on current chart analysis, there is a possibility of the stock revisiting the ₦400 zone.
This level aligns with a confluence point on the resistance trendline that has been in play since May 20th, 2019, making it a critical area to watch for potential price reactions.
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