RSI indicators are showing exhaustion. The stock looks overbought and is facing strong resistance at R130.
As a trader, I wouldn't want to buy the top right now. I'm looking for a pullback to (+- R115) before I enter a position again.
There is no denying that MTN has been a top stock to own in 2021, and this uptrend should continue, but in the short term I'm expecting a 10% pullback and then a retest to current levels of R130. If it can break out of R130 then R150 is on the cards.
Pullback to R115 -( Ideal entry )
Retest of R130+ then some consolidation, then a breakout to test R150.
30% upside reward from R115 levels.
Not financial advice.
As a trader, I wouldn't want to buy the top right now. I'm looking for a pullback to (+- R115) before I enter a position again.
There is no denying that MTN has been a top stock to own in 2021, and this uptrend should continue, but in the short term I'm expecting a 10% pullback and then a retest to current levels of R130. If it can break out of R130 then R150 is on the cards.
Pullback to R115 -( Ideal entry )
Retest of R130+ then some consolidation, then a breakout to test R150.
30% upside reward from R115 levels.
Not financial advice.