UPDATE: MTN on the way to the R60.65 level :(

Diamond Formation formed on MTN.

This is a broadening pattern that could have broke either way. The fact that it broke down and almost retested the 200MA showed the momentum was down and bearish.

Now it's on a one way trip down. First to R90.00 at next support

If it breaks below we could very well see our main target at R60.65

FUNDAMENTALS

MTN Group, a big telecom company in Africa, is facing a serious lawsuit in the US.

They are accused of doing business with a group linked to terrorism, which could have helped fund terrorist activities.

This is a big deal because it's the first time a company might be held responsible in the US for helping a terrorist group. Because of these legal issues, investors might be worried about MTN's future.

This concern can lead to a drop in MTN's stock price, as investors might sell their shares fearing potential financial losses or damage to the company's reputation.