MRP trade ideas
MRP Long - Out of Daily Range ContractionMRP has made its way out of a range contraction and chosen a direction
MRP*Extract from client research note 01-June-2020.
In the short term, the market appears optimistic regarding potential value accretive opportunities arising from from the current COVID-19 property/retail casualties. Technically, the chart structure sees a consolidation phase in the form of a medium term sideways trading range and most recently a series of higher lows. This past week has seen four consecutive closes above the 8 and 21-day exponential moving averages with a sixth attempt to break above the 50-day EMA. Should we see a pullback, 12395c is a support level to monitor before a potential break above the consolidation zone.
Symmetrical triangle breakout on MRPWith yesterday's upward move JSE:MRP has broken through the top of a symmetrical triangle chart pattern. Today's move seems to be confirming the break so far.
If it breaks above the fractal from the 21st of May, I will consider a long position.
MRP ShortMRP following Primary trend. RSI oversold conditions and lock-down restrictions eased cause minor move up. However Retail industry still suffering and upcoming earnings expected May 24.
MR PLUMMET (PRICE) - Observation on monthly- Scary picture has developed on the monthly, massive double top targeting the R20 zone
- Note there is still time left in this monthly candle / monthly 200ma is around R105 currently
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
MRP possible continuation of trendMRP Short
after consolidating last week
closure below Support on friday signalling continuation of down trend
MR PRICE - De Ja Vu ??I don't normally trade the news but i have noticed something on MR PRICE.
- A trade updated is expected this week
- Pattern is very similar to last year this time
- Just note retail sales did come in better in Nov 2019
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
JSE:MRP Mr Price AccumulationMr Price has seen volume increase as buyers step in (see post below). After stopping volume there has been a break of the accumulation trading range (TR) with a major sign of strength (SOS). There has been a backup to the TR but could not break back into the range. Now watching for the markup phase to start with the break of the recent highs.
MRP - Gap CloseJSE:MRP has entered into a gap that was formed on 21 November. As we all know, the market likes to close gaps, so we could see a small downward move towards gap close.
MRP ShortMRP breakout trend reversal and resistance bounce
however markets still bearish
wait for confirmation and closure above or nibble for short
daily and weekly in overbought territory
$JSEMRP DAILYMr Price is now consolidating on SUPPORT after breaking out of its range on the release of its latest results. The 200 day Moving average is the next RESISTANCE, once that is broken we expect the move up to continue with a target of around R205
$JSEMRP DAILYMr Price is up against its DOWNtrend resistance. The RSI is showing momentum is in favor of more upside to come. First TARGET is around R174.70, the top of the current DAILY range.
