Like many stocks that bottomed in March 2020 after the Covid-19 sell-off, MRP made a strong recovery and peaked in August 2021 at R242,25.
The advance from R98,20 to R242,25 unfolded in a complex five wave pattern (1) to (5) which is either wave or of one larger degree.
The pullback which has a current bottom at R164,55 looks corrective in nature and is well...
All of our 3 momentum indicators have crossed down on JSE:MRP , signaling a possible short position.
With today's opening, we were triggered into our short position with our target matching up nicely with the lows of mid July at the 165 level.
I am bullish for the Month of June on MRP.
>Good balance sheets irrespective of looting etc.
>Sideway price consolidation since Nov 21.
Short term Target for June: +-R230
Super quick drop to the bottom of the channel for MRP. But amazingly the channel held out!
Monitoring for a turn back up, but these are strange times, so going to be very cautious.
- Mr Price put on a good rally since we entered on the 2nd of Feb 2022
- We are now testing the recent swing high
- If bulls can capture this area, the next level of interest will be R224.75 then R231.80
Original Idea:
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
- Price has been constructively been coiling around the 200 day and consolidating for what looks like another leg up
- Stochastics also approaching oversold, previously swing highs will be likely target going forward
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
MRP is forming an inverted HS pattern within a lateral box consolidation pattern that has been lasting for the last 107 days,
Reward to risk Ratio 1:1.5
*Disclaimer* - ideas shared in the above is for educational purposes only and IS NOT trading or financial advice.
MrP hitting some resistance at the top of this channel.
Was hoping for strong break, but not there yet.
Monitoring for continuation downward or breakthrough.
A major inverse H & S still to complete. Also a smaller more recent H & S that is possibly about to break the neck line. Monthly and weekly RSI Divergence. Weekly MACD has just past zero. Monthly Stochastic crossover to the down side. Rejection at 75% Fibonacci and break through the 50% and possibly on its way to the 38.2% all the way to 23,6% at about R140/R145...
Head & Shoulder chart pattern still playing out on the weekly chart.
Initial breakout was in May 2021, we got a retest in July & Sept/Oct; and on both retest, neckline held as new support.
My medium-Long term target as guided by the chart, is 280-300.
But we can expect 240 in the short term.
*original idea below
MRP is nearing fairly recent bottoms, and also the 200 day moving average, Stochastics are oversold and i am putting in a short stop loss as there could be a possible double top in the making. Figures were good and i think xmas sales will only bode well for them.
- After a rally reaching a high of R242.25 , price has pulled back to the 200 day moving average and previous breakout zone.
- Looking for bullish price action to build a swing long position.
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Despite the craziness currently in the market, MrP managed to break the downward resistance channel, hope it will be allowed to move up amidst all the noise.
