JSE:MRF is currently at an area of value; 200EMA level and a support level. The 200EMA is pointing up; it's reasonable to anticipate a support here. At current price, this is a potential 1:4 risk to reward swing trade.
Briefly, signal received on daily chart however zooming out, the weekly appears promising with the price looking to emerge from a 12-month base. Also noting the weekly RSI at the highest level in 2 1/2 years (60, bullish) while the monthly RSI is starting to rise and trades at 44, suggesting room to advance over the long term.
Like a lot of the market, MRF took some hits but lately it has been inching up. Is the market looking to help it back to its former glory around 95?
We'll be watching this one if not for anything other than learning about this "new market normal".
Retracment of price is going according to plan, a close above the R0.53 level on the daily time frame would confirm upside movement.
This is a summary of significant prior levels going long has some serious potential.
Looking for a second long entry, first was at R0.33
We could see a retracement back down to about R0.36 level and then hoping for a move to the upside
Always remember to scale out your positions and move stop loss to break-even after reaching initial targets