Counter-Trend Masochism, Part 2

15 Jun 2023

MTN Another trade that says in big neon letters, Don't Do This

If you have a penchant for masochism, and don't see the sense in the broad, thoughtless rally in SA Inc, then note the following:
- RSI at 80 is ready for a downtick
- MACD, still strong, has started slowing
- Momentum has stalled in the last 3 days, some long wicks on both sides of the candle

Price currently also in a well defined supply area, offering clearer stops and some decent muck in the middle to get out in.

I'm shorting at or around R145.00, stop/shucks I'm wrong at R149.50 and a TP of R128.40 gives a risk reward of 3.8

But don't bet the farm. This trade screams bad idea.