Seems like some of the retailers had their Xmas rally in January this time round.
Mr Price is clearly in the lead with Truworths and Foschini battling it out for 2nd place.
Market was not happy with the Woolworths trade update.
There seems to be some more runway left to the upside until things could get a bit stretched but the clues will be in the charts.
See link below for previous analysis.
After the 49% complex decline from 24225 to 12325, Mr Price seems to have reversed the trend.
The inverse head & shoulders has been followed by a sequence of higher highs and higher lows.
The trend now looks more bullish but 12325 remains the key invalidation level.
Mr. Price (MRP) is a retailer of clothing, household goods and sportswear through shop fronts and online in Africa and Australia. Unlike most retailers, Mr. Price receives most of its sales in cash, but there is a growing credit element. Mr. Price has a reputation for being cheaper than other stores. This was a definite advantage during COVID-19 as consumers tried...
See link below for previous analysis.
Mr Price has had a strong bear trend from 24225.
The downtrend does look to be slowing down and price seems to be forming an inverse head & shoulders pattern.
This pattern will be invalidated with a break below 12325.
W Formation is forming on Mr Price.
It's been in a consolidation range since March, which prior that was in a continuous downtrend since April 2022.
Now the price has broken above the downtrend, which is currently testing the support. And if it breaks above and through the neckline, we will see upside to come for the retail giant.
This also falls in line with...
Mr. Price (MRP) is a retailer of clothing, household goods and sportswear through shop fronts and online in Africa and Australia. Unlike most retailers, Mr. Price receives most of its sales in cash, but there is a growing credit element. Mr. Price has a reputation for being cheaper than other stores. This was a definite advantage during COVID-19 as consumers tried...
MRP broke out of a symmetrical triangle and is now retesting the upper trend breakout zone
around the R140.00 price level.
entry : R140
stop : R136
target : R146
Mr Price attempting to cross back above its 200dma.
A reversal double-bottom technical pattern in formation, which, if confirmed, could target 170 next.
But first, the 150ish resistance area needs to give in!
A price action above 12800 supports a bullish trend direction.
Further bullish confirmation for a break above 13000.
The target price is set at 13300.
The stop-loss price is set at 12600.
The price action remains close to its 23.6% Fibonacci retracement level, which might act as some key support.
Bullish divergence is also notable.
Remains a risky trade.
Mr. Price recently confirmed 01 June as a weekly low, it is now in the second daily cycle and dropping into a half cycle correction that usually comes around day 27 to 32. This it must do without going lower than R138.35, the overall market conditions are what makes Mr. Price vulnerable. The share has somewhat of a blue rising wedge that appears to be breaking...
Mr Price
We are observing a symmetrical triangle, within a falling channel. However, this pattern could indicate a bullish breakout. Currently, the 7-day moving average is greater than the 21-day moving average. The price is less than 200, and the RSI is above 50, pointing to some buying pressure. Given these factors, the target price is projected to be...
Previously we mapped the bearish cycle for Mr. Price, now we have seen price reacted off the 200 month moving average, now seeking to confirm a weekly low along the way to the yearly low. On the daily chart we are extended and in time for a half cycle high, a pullback from here would be a good entry for those who were left behind in this share.
Levels to...
After a successful breakout and price reaching the first level of interest around R165 , the stock has given up gains to return to the breakout zone.
The chart has printed 2 bearish down days and could likely test the up sloping 20ema / 50ema.
Ideally bulls want these to hold these else a deeper pullback / reversal becomes a possibility.
Previous post in...
The stock has formed a decent bottoming pattern on above average volume which has a measured move target that could see it back at the gap left behind after the November 2022 sens. (R184)
Hurdles in between will be R156.50 & R165 levels
The cup & handle pattern will be in play while price stays above R136.
A cup and handle pattern is a bullish continuation...
Market Neutral: Buy MRP/Sell TFG?
Applying a 2x, 21-day linear regression trend, the pair is trading in an oversold range. This may offer an opportunity to buy MRP and sell TFG.
For more research insights, including trade ideas, get in touch today.
Levels:
Entry: 1.49
Stop: 1.45
Target: 1.57
Mr Price has been in a lingering downtrend channel since March 2022.
It's been a trading haven for range bounded traders who look for this kind of activity.
However for a breakout trader, it's been a waiting game.
So best we buy at the bottom of the range sell at the top and repeat.
Right now the price is heading back to R153.25.
If we get a breakout, we'll...
Its been a busy June so far on the local front and we have seen a welcomed return of flows back into SA inc stocks.
Pick n Pay has staged the best come back on the retailers with a whopping +25% in just 6 days of trading.
