Paper and packaging company Mondi Ltd is making a valiant effort to recover from it’s medium term bear channel that has been in place since February of this year. Assisted by a weaker Rand on the back of a disastrous SA GDP reading, the share has been lifted from just below R300 to it’s last close of R315.47. A review of the RSI technical indicator suggests that the bullish 2-day move has the ability to continue, with the indicator moving into the positive, bull zone. For now, any intraday pullback to below the 31160c level is another opportunity to accumulate for a short to medium term play.
These are the trade levels:
Buy MND below 31160c
Take Profit Target: 33200c
Please click on the following link to view the chart: https://www.tradingview.com/x/QpAl6ylr/
This morning I am also monitoring potential opportunities in both Kumba Iron Ore and MTN Group. To participate, please click on the icon below.
Please chat to the Unum Capital Trading Desk to take advantage of any trading opportunities.
All the best,
Unum Trading Desk Analyst
Tel: 011 384 2923