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
MR Price has been in a strong markup after the base from the covid lows. The stock is stronger than the market. The pullback has been on lower volume and we are now ready for a test of historic highs at R300.
Mr Price has had some volume at the end of last week but was unable to make any progress to break above 15000. A clear reversal bar this week could takes back down to test 10000.
Mr 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.
JSE: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.
