MRP - 1 month box breakupMR Price Daily chart has broken up from a 1 month rectangle box.
Risk /reward - 1 : 1.25
MRP trade ideas
MRP "buy-box" and fractal breakout.JSE:MRP has been consolidating in a sideways trend or "buy-box" since late last month. With today's price movement so far, it has broken out of the box as well as a fractal level from the 17th of October.
If it closes above and confirms after today, I will look at entering a long position.
Technical Observation: MRPTechnical Observation: MRP
- The downward trend line going back to 18 July is being breached.
- While the downward from the trend line going back to 7 May (Line A-B) is far from being breached, the RSI resistance for the same period is attempting the enter the bull zone (above 50).
- Higher lows slowly starting to emerge
- Current resistance 16244c
- Last Price: 16100cc
Descending Triangle on Mr. PriceOverall trend is down on the daily chart, Price trading below both 50 and 200 day moving averages.
Bearish descending triangle forming, suggesting further downside.
The R154 area is the critical area to watch!
MRP - MR PRICE Swing Trade IdeaJSE:MRP
- Price is finding support at previous lows
- Tendency will be a bounce to the top of the falling wedge and possible break of it...
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
$JSEMRP DAILYMr Price has formed a short term DAILY range off of the Strong WEEKLY support around R152. MRP has tested the top of the range and then come back to test the bottom. It may now test the top again. The resistance around R175 will be a hard nut to crack!
JSE:MRP MR Price Demand Stopping the DeclineMr Price looked like continuing the decline (see posts below) but high volume is indicating demand as price approaches 15000. This indicates that there will be sideways action and the decline will be on hold.
JSE:MRP Mr Price Markdown set to continueAfter a redistribution (see posts below). The markdown is in full swing. There has been a test of the backup (BU) TR and now the markdown is set to continue.
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
MRP long confirmationMRP purchase of shares by DIR,s
possible bull Trend developing
will monitor closely
might nibble some tomorrow
JSEMRP Gaps Down, Shows Deep FearMr Price shares dropped heavily based on a not so pleasing trading update, however this is in the past. How much of it is already priced into the share? Long-term holding a price at R153-154 is an opportunity to buy, when fear subsides some of the gap will be filled. Looking ahead MRP should bounce back given a 6 to 12 months time frame.
Mr Price Group - Retail Shares Remain At Risk Have you been to your local mall this holiday period? Me? Not that much, so I am looking to the charts to try and determine whether or not South African retailers are going to report good results or whether the weak local and global backdrop will have an influence on trading conditions.
Last week I posted about TFG looking vulnerable on a medium to long term basis and today I am looking at Mr Price Group. To be fair management have navigate the local retail landscape with confidence and when the ball has been dropped, quick measures to correct missteps have been taken. That being said, a 20 price-to-earnings ratio reflects somewhat high expectations and combining that with the bear flag formation, the chart may be warning investors and traders of a technical breakdown.
Since September 2018 we have seen the incline support being held however a break and close below this level could trigger further selling. Using a technical measurement, R190 comes into play over the long term.
Definition:
A Bear Flag is a price action within the context of a downtrend that produces an orderly price increase consisting of a narrow trend range comprised of higher swing/pivot highs and higher swing/pivot lows.
Background:
The success of a Bear Flag can be greater after a significant downside move due to the possible increase of overhead resistance.
Bear Flags can be stronger when the swing low that begins the pattern is also an all time low due to the possible lack of underlying support.
Practical Use:
Traders interested in gaining additional confirmation by watching the sentiment read of a chart, will often seek out Bear Flag patterns due to their ability to "prove" the lack of buying interest during the timeframe in question.
Mr Price - Poor Trading Update, Price Weakness May ContinueI have been bearish on SA Retailers since March 2018 at the height of Rand strength which was strongly influenced by "Ramaphoria".
Short ideas at the time included:
JSE:MRP at R286
JSE:MSM at R173
JSE:SHP at R255
This morning JSE:MRP is out with a trading update which may not sit well with the market. Group Sales flat, with Mr Price Apparel segment facing immense pressure as consumers face challenges from all angles.
On the chart, we see a bear flag below prior support which may take us down to the 147 to 150 range over the medium term as the share continues to de-rate.
50-day MA and 200-day MA continues to trend lower.
Mr Price - Breakout or Bounce?JSE:MRP is heading towards the bottom of a channel that it has been trading in. If it breaks through the bottom, I will consider a short position. Conversely, if it decides to bounce off the bottom of the channel, I will wait until it breaks above the high of today before potentially entering a long position heading towards the top of the channel.
MRP - Long Term IdeaWe may derive the following from the Weekly MRP chart:
1. Price is still in a downtrend.
2. We have a bullish zone at around 177.
3. Price i.m.o should drop lower first before a longer term push to the ATH.
4. I would consider buys at the weekly support, but for now, unless you are short, there isn't much of an opportunity.
5. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
MRP - Long if it breaks resistanceJSE:MRP has broken through a descending resistance, but it might struggle at the resistance level around 20000.
If it breaks through this level convincingly, I will consider a long position.
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 time to buy Here we got a great set up
POC and down trend channel give some great Entries
Will wait for the weekly Candle close but looking to get in here as selling pressure dries up
