The recent decline in MTN has caught many investors by surprise, but from my analysis, this looks more like a healthy correction after a powerful rally than the start of a long-term bearish trend.
After a strong impulsive move, it is normal for quality stocks to retrace, allowing the market to reset before attempting another advance.
What am I watching?
✅ The ₦600–₦650 support zone is my key area of interest.
✅ I want to see selling pressure begin to fade as price approaches this level.
✅ Strong weekly bullish candles with increasing volume would indicate institutional buying is returning.
✅ A higher low followed by a break above the recent swing high would provide confirmation that the correction is complete.
If these conditions are met, I believe MTN could begin Wave (5), with the potential to challenge the ₦1,150–₦1,200 region over the longer term.
After a strong impulsive move, it is normal for quality stocks to retrace, allowing the market to reset before attempting another advance.
What am I watching?
✅ The ₦600–₦650 support zone is my key area of interest.
✅ I want to see selling pressure begin to fade as price approaches this level.
✅ Strong weekly bullish candles with increasing volume would indicate institutional buying is returning.
✅ A higher low followed by a break above the recent swing high would provide confirmation that the correction is complete.
If these conditions are met, I believe MTN could begin Wave (5), with the potential to challenge the ₦1,150–₦1,200 region over the longer term.
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.