Mr Price Group (MRP) - Approaching A Swing Long
The share has retraced from it's medium term high of 23899c to having tested it's recent swing low of 19500c. As we have noted via a previous note, the gap close at 19950c was a target, which we have seen over the last week while the prior breakout level is where the share is developing a minor series of higher lows. We also note the trend line support in place since December 2020 while the RSI's bullish divergence supports the idea. It's possible that the share sees a 'flush' toward the 19400c-19700c area at which traders could look to buy on the expectation that the downward trend line (A_B) is breached.
Provisional Trade Levels:
Buy if it trades within the 19300c-19600c range
Stop-loss: 18940c
Target Range: 21000c-21300c
Price At Time of Client Publication: 20087c
For more trade ideas, get in touch today.
The share has retraced from it's medium term high of 23899c to having tested it's recent swing low of 19500c. As we have noted via a previous note, the gap close at 19950c was a target, which we have seen over the last week while the prior breakout level is where the share is developing a minor series of higher lows. We also note the trend line support in place since December 2020 while the RSI's bullish divergence supports the idea. It's possible that the share sees a 'flush' toward the 19400c-19700c area at which traders could look to buy on the expectation that the downward trend line (A_B) is breached.
Provisional Trade Levels:
Buy if it trades within the 19300c-19600c range
Stop-loss: 18940c
Target Range: 21000c-21300c
Price At Time of Client Publication: 20087c
For more trade ideas, get in touch today.