after JSE:MTH suffered a share price beat down in September 2022 from its highs of R136.00, it found support in January 2023 around R105.00 to R131.60 only for it to resume its melt down like an icecube in the sun from 7th February 2023 and broke the R105.00 support all the way down to R88.30.
Price has now been in a rising wedge retesting the broken support. Last week the instrument had a not-so-convicing bullish close at R105.50, with the closure being just under the 50% Fib retracement level of the weekly candle's range and barely over the 50 Week EMA.
Holders of this instrument need to take caution and prepare for an exit as there is now bearish oil threatening to loosen the grip on this "holding". current bearish sentiments hold true so long as the instrument trades below R112.00.
A close below R98.40, could see the instrument take a dive to R88.30 and a further free-fall to the R43.50 ~ R48.00 levels over the medium to long term to retest the broken highs of October 2020.
Price has now been in a rising wedge retesting the broken support. Last week the instrument had a not-so-convicing bullish close at R105.50, with the closure being just under the 50% Fib retracement level of the weekly candle's range and barely over the 50 Week EMA.
Holders of this instrument need to take caution and prepare for an exit as there is now bearish oil threatening to loosen the grip on this "holding". current bearish sentiments hold true so long as the instrument trades below R112.00.
A close below R98.40, could see the instrument take a dive to R88.30 and a further free-fall to the R43.50 ~ R48.00 levels over the medium to long term to retest the broken highs of October 2020.