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Online Share Trading

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Anybody following MTN

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Not applicable
Bouncing along support at 13394, if a 5 min close below I'm looking at 13300. from there down to the close the gap on Jan 16th 13200. Thoughts welcome.
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11 REPLIES 11
Not applicable
I think you are wasting your time trying to chase 200pts on a single stock. That is like a 1.4% move on MTN. Your trading costs alone will eat up half of that - and MTN's spread is already wider than your entire profit margin. So big risk for tiny tiny reward. You can't really trade stocks on anything less than a 1 week timeframe, IMO.
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Sorry I should clarify I'm nor shorting or going long. With MTN I actually buy the shares. My carreer doesn't really allow for time to be chasing longs or shorts this is my long term entry for top-up on MTN as it goes along.
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Franksays
Frequent Contributor
So if long term then why does it matter if you buy at 13300 or 13200? Fundamentals should dictate whether you buy, not charts. Especially not 5 min ones.
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Its on my 5min and hourly, I'm looking at closing the gap on the 16 which is daily, if it fails that I'm looking at 13620 over a period of day's. So my fundamentals are aiming towards the gap close, but a long term upward trend. All I was asking was if anyone else was looking at MTN and thoughts. Next time I ask or say something I promise to be vague.
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Franksays
Frequent Contributor
You asked for thoughts and we gave you thoughts.
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I also do buy and sell as the share moves in my long term portfolio to clarify just in case. So ZAR6-8 can make a nice difference when buying shares, so I like to make sure my entry and exits are clearly defined.
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Blik
Super Contributor
I would certainly look at a chart even when buying on fundamental principles. Even a little glance. If you can squeeze 1 or 2% on the downside because of a small dip, and this compounds up over the next 10-20 years, then that is valuable. Then again if the chart isnt clear, just buy if you think that share is good.
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Completely agree. Mentally, however, I stuggle to jump into a share if things seem muddy.
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I have some MTN, It is still in it's bull trend, support at 13130 and resistance at around 13900 then 14400. I agree with the other forumites, - short term charting is not really for Buy and Hold.As Vodacom becomes more unreliable I believe MTN has opportunities.
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A short term chart that corresponds to long term support and resistance can make quite a big difference for a buy and hold strategy. Or perhaps I look at things too deeply? Maybe thats why I have a headache...
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