Multichoice (MCG): Seeking Weekly Low

Multichoice has a carved a tight falling wedge, price has retraced to near COVID lows, we end the week with a hammer candle, now we look for a swing low confirmation and price closing above the green line for a long position.

Commentaire:

Price having failed to confirm a swing low, we stayed on the sidelines, we see price capitulated & finding a place attractive for buyers, we still remain watching for a swing low, the green trendline moves to touch the candle for 3 July.

Commentaire:

Multichoice made a lower low, now in week 62, the longest weekly cycle since it listed. There is positive divergence emerging on the TSI (True Strength Indicator). We await a weekly swing low as first sign of trend reversing.