LD_Perspectives

MEI - Oversold, But Looking To Recover

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JSE:MEI   None
Mediclinic International Plc (MEI) | Last week considered MEI as a buy/long based on the perceived slowdown in momentum however stated that the we would continue to monitor price as not to preempt an entry level. On Friday , the price developed a long lower candle wick at the support 9-month support while also breaking out of a falling wedge formation. The RSI's are turning up from some of the most oversold levels year-to-date. At current levels, the risk-to-reward appears attractive and at 5556c warrants a short term buy on the name. Stop: R53.20. Targets: 5993c, R62.00.
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