MTN has formed a bullish flag pattern that could see it rally towards R146 initially.
Bulls will need to hang onto the 50dma around R130 to keep this idea in play or risk a further down leg to R126.50 - R122.00
A bull flag is a bullish chart pattern that occurs when a stock is in a strong uptrend but then has a slight consolidation period before continuing its trend up. The pattern is formed by two parallel trend lines that form a rectangle or flag shape. The flagpole is the distance between the high of the first impulse wave and the low of the consolidation period. The flag itself is formed by parallel trend lines that slope down against the trend. The pattern is completed when the price breaks out above the upper trend line of the flag.
Bulls will need to hang onto the 50dma around R130 to keep this idea in play or risk a further down leg to R126.50 - R122.00
A bull flag is a bullish chart pattern that occurs when a stock is in a strong uptrend but then has a slight consolidation period before continuing its trend up. The pattern is formed by two parallel trend lines that form a rectangle or flag shape. The flagpole is the distance between the high of the first impulse wave and the low of the consolidation period. The flag itself is formed by parallel trend lines that slope down against the trend. The pattern is completed when the price breaks out above the upper trend line of the flag.