JSE General Retailers (J537) + Mr Price
I know some of you are bearish on retailers - and I agree with that. Besides the Rand which is swinging from bullish to bearish, their valuations remain high with earnings growth not matching up.
Here's my updated technical take on the General Retail Index (J537) and well as individual overview of Mr Price.
J537
The monthly chart sees the price testing a gradually rising trend line going back to February 2014. The candle structure in my view remains bearish while the price is below the 50-month MA while the MA has also started to turn lower. That will be a long term trend line break. Caution.
Mr Price
MRP continues to make lower highs as per the weekly chart with the rising trend line going back to November 2016 looking like a likely target. This comes in at approximately R190. In the interim we may very well still have buy/long opportunities as "rebound" plays. Where those levels are now is somewhat tricky to determine however I would venture out and call R206 as the first identifiable level of short term support.
Here's my updated technical take on the General Retail Index (J537) and well as individual overview of Mr Price.
J537
The monthly chart sees the price testing a gradually rising trend line going back to February 2014. The candle structure in my view remains bearish while the price is below the 50-month MA while the MA has also started to turn lower. That will be a long term trend line break. Caution.
Mr Price
MRP continues to make lower highs as per the weekly chart with the rising trend line going back to November 2016 looking like a likely target. This comes in at approximately R190. In the interim we may very well still have buy/long opportunities as "rebound" plays. Where those levels are now is somewhat tricky to determine however I would venture out and call R206 as the first identifiable level of short term support.
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