I always feel hesitant making big predictions for Penny Stocks. Especially after they've been through hell and more hell.
Well, all I can say is there seems to be some stability around the lows of 49 cents, where the demand and buying keeps pushing the price back up.
So if we get a break above the brim of the cup, we could see this market rally to...
This is a speculative play which seems to be trying to break out of a base which started in September.
I will be looking for a pullback towards the 20ema and successful support at the 68-70c zone to initiate a starter position.
If successful, we could see the stock back at R1 in a relatively short time period.
Murray and Roberts (MUR) is a large South African construction company which has suffered from the sub-prime crisis and then the slump in construction spending following the 2010 World Cup. This brought the share down from a massive double-top formation at around R100 per share to a low below R5 in May 2020. The company has been consolidating and reducing costs....
Murray and Roberts (MUR) is a large South African construction company which has suffered from the sub-prime crisis and then the slump in construction spending following the 2010 World Cup. This brought the share down from a massive double-top formation at around R100 per share to a low below R5 in May 2020. The company has been consolidating and reducing costs....
Murray & Roberts has been in severe downtrend but is now approaching a purple patch (rectangle). In the box is a confluence of support where 4 lines intersect. A weekly swing low from these levels could bring a flurry of buyers chasing the share. How to play the potential:
1. If risk accepting one can open a 50% position at current level (R-2.50-2.70)
2. Deploy...
MUR trading currently in the previous consolidation zone. I am looking for a move back to R12.75 and then R13.25 if the price can stay above R9.50 on a closing basis.
Trade ideas are my own and not financial advice.
Released a trading update earlier. The numbers look okay, but the initial market reaction is negative, down more than -4% at the time of writing.
Approaching a confluence of support around 1200c; that is, horizontal support(previous breakout level), incline support, as well the 200dma.
The 200dma has to hold to keep the uptrend intact.
Higher highs and higher lows support the bullish trend direction.
Inclining channel pattern acts as boundaries.
RSI leaves enough room for further upside price potential.
Would like to see the trend developing further before increasing exposure.
MUR making higher lows and one can try to use the illiquidity and get in below R14. While staying above R13.50 on a closing basis my bias will be to the upside.
Trade ideas are my own and not financial advice.
Have an idea to add to a long position here or buy MUR. Looking for a breakout above this flag setup or the 1400 level, with a close >=1405. Will set a buy limit above 1410 level if price action confirms. The LT trend is down. As always manage your risk.
