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.
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.
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.
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.
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.
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.
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...