With MTN at these levels could we see more downward movement?

JSE:MTN went on a rally in March 2020 from lows of R26.25 and painted a high at R211.49

The instruments seems to be in a pullback phase after that strong bullish impulse. Price is currently painting a falling wedge, which may be a signal that a reversal of the current downward momentum might be in play. over the short to medium term, price may consolidate between R118.72 and R104.00 before plunging to levels between R95.02 and R96.94, which coincide with the 61.8% retracement level of the bullish impulse, and also coincides with the lows of May 2010 before the stock rallied to paint its alltime high of R263.44 in September 2014.

Probable medium term movement from current levels is to the downside and for price to slip below R111.00. Levels to lookout for are R104.00 and R96.94.

Only if the instruments starts to consolidate and give a bullish pattern above R118.72 can we expect some interested buyers to show up.

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