$JSEMCG - Multichoice Group: A Total Reset
The last analysis on Multichoice was on 13.04.2023, link below.
The stock has traded as forecasted and has surpassed the stretch target of 8447.
Yesterday's sell-off seems to have been triggered by news that MCG was downgraded by J.P. Morgan as they believe MCG intends to ‘throw considerably more money at Showmax than what the market expects’.
The fundamentals of MCG are dire to say the least.
The stock is now hovering around its all time low of 7228.
A break below this level would trigger a total reset of the wave count.
It's a bit late to favour more shorts at this level so I will watch MCG from the sidelines.
The stock has traded as forecasted and has surpassed the stretch target of 8447.
Yesterday's sell-off seems to have been triggered by news that MCG was downgraded by J.P. Morgan as they believe MCG intends to ‘throw considerably more money at Showmax than what the market expects’.
The fundamentals of MCG are dire to say the least.
The stock is now hovering around its all time low of 7228.
A break below this level would trigger a total reset of the wave count.
It's a bit late to favour more shorts at this level so I will watch MCG from the sidelines.
