MTN price went below R131.25 representing a cycle failure, since this is early in the cycle, we can expect price to begin trending downwards with high probability we are going below R107.35 (the previously weekly low). The share has also failed to recover the broadening wedge. In the short-term we can expect a weak bounce out of a half cycle correction.
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MTN had good news out, pulled in some news buyers who are oblivious of the fact that the share price has failed, ended the day with a shooting star, if the news buyers are trapped they will help bears push price hitting stop loss.
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As expected, MTN has erased the good news rally gains, share price now coming into a daily cycle low from which we can expect a short-term bounce before further downside.
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MTN is now seeking a daily cycle low, we can expect a bounce from here but that should be weak also, of interest is the 50 day moving average going to cross the 200 day moving average on the way down, this will give bears another advantage.
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MTN remains bearish unless we have a short weekly cycle.
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