JSE:MRP is once again showing a bearish engulfing candle pattern, but this time, it is also coinciding with a triple top resistance level. The last bearish engulfing didn't play out, but because of the strong resistance, this one is more likely to.
Mr 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...
Mr. Price 'very happy' in today's session, up an impressive 4.4% so far.
But how far can it go?
In its way, we have falling 50 and 200 day moving averages between R226 and R231 which may potentially limit further gains.
I'm monitoring these levels for a potential short
Support comes in around R205 on the daily chart.
Looking at the weekly, again there is support...
Mr Price has been showing some weakness and was being redistributed. In a previous post I was too quick to call it but now we have seen a change of character. After a small pullback, we are looking for the TR to be broken and a markdown to begin.
Last week MRP released Trading Update which wasn't received well by the market, which took the price from last week's highs above R250 to current levels below R215.
Technically, looking at the weekly chart, we have a rising wedge pattern which has since broken to the downside, and now we have the 200 day moving average sustaining the price.
If the 200dma is...