Dear Trader
Hospital group Mediclinic International plc has retraced from above 6700c to re-test it's 200-day simple moving average. In addition, the price could potentially trade closer to the trend line support going back to 25 June, presenting an opportunity to purchase with a view that we see a price rebound. Traders could add the share to their watchlist and wait for a slight push lower (below 5750c) which would be an accumulation zone.
Trading Plan:
Buy MEI at 5750c or better
Use a stop-loss of 5460c to protect capital
Take profit at or near 6300c
Hospital group Mediclinic International plc has retraced from above 6700c to re-test it's 200-day simple moving average. In addition, the price could potentially trade closer to the trend line support going back to 25 June, presenting an opportunity to purchase with a view that we see a price rebound. Traders could add the share to their watchlist and wait for a slight push lower (below 5750c) which would be an accumulation zone.
Trading Plan:
Buy MEI at 5750c or better
Use a stop-loss of 5460c to protect capital
Take profit at or near 6300c