$JSEMTN - MTN Group: How Big Can This Bear Get?
MTN stock has shed almost 50% of its value from the March 2022 high of 21149.
Yesterday, the group released a quarterly update for the period ended 31 March 2023 which is a must read for a fundamental perspective.
Technically, the price patterns are becoming clearer.
The prolonged sell-off from 21149 to 11262 is labelled as an impulse for wave (A) with wave 5 terminating the move in an ending diagonal.
The bounce from 11262 to 14872 is a clear three-wave zigzag for wave (B).
The bear seems to have resumed with strong downside price momentum and thus far looks to be unfolding in another impulse with price in the middle stages of wave 3 of (C).
I will maintain this bearish stance as long as price remains below 13267, above 13267 I will revise the wave count and outlook.
Yesterday, the group released a quarterly update for the period ended 31 March 2023 which is a must read for a fundamental perspective.
Technically, the price patterns are becoming clearer.
The prolonged sell-off from 21149 to 11262 is labelled as an impulse for wave (A) with wave 5 terminating the move in an ending diagonal.
The bounce from 11262 to 14872 is a clear three-wave zigzag for wave (B).
The bear seems to have resumed with strong downside price momentum and thus far looks to be unfolding in another impulse with price in the middle stages of wave 3 of (C).
I will maintain this bearish stance as long as price remains below 13267, above 13267 I will revise the wave count and outlook.
