MTN - Ascending Triangle

Jul 15, 2020

Close above R60 triggers gap close at R62 and further gap at R76

Jul 18, 2020

Trade active

Long trade has been triggered. Long from R62. First target R68 and 2nd target is the close of the gap at R76

Jul 24, 2020

Trade active

Great retest of the break out level yesterday at R60 with decreasing volume. This morning we had a good trading statement out from MTN and we could see further upside from here. Big short interest in this stock as well.

Aug 2, 2020

Trade active

After a great trading statement last week, MTN released a 2nd tradings statement stating that they will be cutting their dividend for the year. This was not received well on Friday and stock closed below R60. A close below previous swing lows of R56 will put this trade out.

Aug 10, 2020

Trade active

MTN idea is starting to lose momentum. After releasing earnings it has struggled to get going and it can't seem to stay above R60. A close below R56 would mean this trade needs to be closed.

Aug 16, 2020

Trade active

First target was reached on Friday at R68 and now our full target is in plat at R76. We can now start trailing our stop on Friday's low at R65.40.