As pointed out by JXMFinancial, MTZ recently bounced off on a nice volume. I have expanded the idea provided with some more observations that made me take a bullish stance on the stock:
- There is a long term uptrend and the price neatly bounced off the low of it. But wait, there's more
- Technicals are all on the lows,
*MACD in a nice setup to turn up for a long term run - best place to buy a stock
*RSI, RMI, CCI are all on a low and turning up
- Plus now we have a neat gap to fill at least while the technicals turn up
The general picture turns really bullish after this, so unless some more news come out, i see the following:
- Target 1: 32 ; I suspect at this level the MAs will cross and a MAcross signal will pop up
- Target 2: 33.9 This coincides with the downtrend resistance 10% up from current levels and a nice place to book profits.
- Target 3: 35.8 If it closes above this range, high chance of it heading to 37.4.
- Sell Target: if below 27.87
The following levels just depict the forthcoming resistance levels towards the long term goal of the channel . The price will fluctuate of course on the road and may not reach the top should the trend change due to many yet unknown reasons.
- There is a long term uptrend and the price neatly bounced off the low of it. But wait, there's more
- Technicals are all on the lows,
*MACD in a nice setup to turn up for a long term run - best place to buy a stock
*RSI, RMI, CCI are all on a low and turning up
- Plus now we have a neat gap to fill at least while the technicals turn up
The general picture turns really bullish after this, so unless some more news come out, i see the following:
- Target 1: 32 ; I suspect at this level the MAs will cross and a MAcross signal will pop up
- Target 2: 33.9 This coincides with the downtrend resistance 10% up from current levels and a nice place to book profits.
- Target 3: 35.8 If it closes above this range, high chance of it heading to 37.4.
- Sell Target: if below 27.87
The following levels just depict the forthcoming resistance levels towards the long term goal of the channel . The price will fluctuate of course on the road and may not reach the top should the trend change due to many yet unknown reasons.
