Mr Price 15 Month Channel - continues but heading up to R153.25Mr 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 buy more. If it turns down, I'll send out the next signal.
Let's wait and see!
~ Mr Price Group Ltd. was established in 1985 and is headquartered in Durban, South Africa.
~ The company operates various retail brands, including Mr Price, Mr Price Sport, Mr Price Home, Miladys, Sheet Street, and Power Fashion.
~ Mr Price primarily targets the value-conscious consumer market by offering trendy and affordable fashion and lifestyle products.
~ The company started as a small store called "Mr Price" in Durban and gradually expanded its operations to become a prominent retail group in South Africa.
~ The name "Mr Price" was chosen to represent the company's focus on providing good value for money and affordable prices to its customers.
~ The company has also expanded internationally and operates stores in other African countries, including Namibia, Botswana, Lesotho, Eswatini, and Ghana.
CHANGE IN NAME
Over time, the company has rebranded its stores to display the name "MRP" instead of "Mr Price." They did this to appeal to a wider customer base. Despite the change in store branding, the company's official name remains Mr Price Group Ltd.
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MR Price wants to go back to 200MA to potentially R177.42 SMCBreak above downtrend has occurred for the first time since 2022...
This isn't a breakout pattern that I normally look at, but it's still a breakout move.
Price<200MA (elastic) This means, the price has a likelihood of moving up to the 200MA (Equilibrium) to take out the inefficiency.
Target R177.42
BREAKAWAY GAP formed in December, and since then the price has been coming down. Now that the orders have balanced at the "bottom" means, we could see a gap fill soon.
SMC:
Sell Side Liquidity Order Block this is where there is Buying from Smart Money. Hence there was a strong move up.
I'm cautiously bullish with Mr Price.
Mr Price is feeling the pinchSince August last year, Mr Price continually found support at R205. In March, the stock broke through support but recovered back to R224.54 in May.
This is a currency sensitive share and the rand blowout has now pulled the price back through the previous support. The current downtrend is gaining momentum and making me very pessimistic.
The MACD is also trading in bearish country and pointing down. This would indicate that a bearish trend is in force.
The Slow Stochastic does have the stock as oversold, so there might be some upside over the next day or two, but the stock will in all likelihood continue the drop in time. Especially since the price is currently creating new lows.
Action: Place a Limit order to SELL at R181.00 or better with a Stop Loss set at R195.00. I will aim to take profit at R165.00 and R150.00 respectively.
Mr Price running with the bullsMr Price has had a mixed year so far. In January, it dropped a massive -16.69% in one day falling from R259.14 to R215.24. It then spent the next two months trading a range between R205.00 and R225.00 before finally dropping to R180.00.
Since then, the stock has discovered some bullish vigor, running all the way up to R221.82. The MACD also broke above the the zero-line indicating a bullish trend is back in force.
My only concern is the Slow Stochastic. It has been indicating the stock is overbought for a while now. I expect some minor bearishness before the stock continues its bullish run.
I will thus look to buy MRP on weakness.
Action: Place a Limit Order to go LONG with your Limit Price set to R205.00. Set your Stop Loss to R180.00 and your Take Profits to R230.00 and/or R250.00.
JSE:MRP: Mr Price RedistributionLast month (see link below) I was looking at the trading range as redistribution. The pullback was all the way to the resistance line of the trading range forming a Last Point of Supply (LPSY). There has been divergence with the Volume RSI first with a positive divergence with the Upthrust after Distribution (UTAD) and now negative divergence with the UTAD and the LPSY. Expecting the markdwon in Phase D to start and break out of the trading range. Once the pullback to the trading range has then taken place the markdown in Phase E will possibly take place. Price could find support at 18600, 17600 and possibly as low as 15600.