MR PRICE GROUP LTDShort
Trade Idea - Mr, Looking Pricey
Mr Price shares have had a strong rebound from the lows near R151 just under three weeks ago. The rebound, which is now nearing 15%, is losing momentum with the upward trend line support failing to hold. We also have a pending break of the RSI support, which should add further downside conviction in the short term. Based on this, traders could look to short/sell in anticipation of a short term bearish reversal.
Trading Plan:
Short/Sell MRP at 17330c (or higher)
Use a stop-loss of 17760c to protect capital
Take profit at or near 16500c
Trading Plan:
Short/Sell MRP at 17330c (or higher)
Use a stop-loss of 17760c to protect capital
Take profit at or near 16500c
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