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Mediclinic Daily Analysis

Daily Analysis – Mediclinic

Due to popular demand in the Platinum Wealth Forum, today we are going to be analysing Mediclinic PLC.

Looking at the chart this is a very confusing stock to analyse as most indicators are showing a positive bullish outlook on the daily chart, except for the 200 Day Moving Average and the Stochastic RSI which I have added to the chart.

The best solution for trading this stock is to take it day by day keeping the major support and resistance levels in mind.

Currently the price is wrestling with a minor resistance area at 12,884.
A close above this level could see the price heading to the next major resistance level at 13,500 and 14,000 in extension.

The fact that the StochRSI levels are overbought and the price is below the 200 day moving average still makes me weary of a possible pullback to the 11,000 area. The small gap up today is also a indication that we could see a small retracement to close that gap and possibly move further down as previous gaps have shown.

Based on sentiment this is still a popular stock to own but intraday choppiness and market indecision could leave you frustrated. In my opinion I would wait for the 11,000 area before buying or just sit this one out.

Want to learn more about price action? Check out our tutorials on the AlgoTrading website.

*All information in this article is the author’s opinion and is for educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

Stanton Roux

Stanton Roux

Algotrading.co.za is a free online learning platform that merges my two passions software and trading. I like to bring a new twist to trading and show how software can improve your trading skills.