$JSEMRP Mr Price Group Ltd - R164,55 A Key Level To Hold
Like many stocks that bottomed in March 2020 after the Covid-19 sell-off, MRP made a strong recovery and peaked in August 2021 at R242,25.
The advance from R98,20 to R242,25 unfolded in a complex five wave pattern (1) to (5) which is either wave [1] or [A] of one larger degree.
The pullback which has a current bottom at R164,55 looks corrective in nature and is well contained in a down-sloping channel.
The price bounce at R164,55 is at the 50% to 61.8% Fibonacci retracement level of the entire advance from R98,20.
The expectation is a breakout from this channel for wave [3] or [C].
The bias is bullish though there is downside potential if price breaks below R164,55.
short-term traders:
buy: @ market
stop-loss: below R164,55
Investors:
buy: @ market
stop-loss: N/A
The advance from R98,20 to R242,25 unfolded in a complex five wave pattern (1) to (5) which is either wave [1] or [A] of one larger degree.
The pullback which has a current bottom at R164,55 looks corrective in nature and is well contained in a down-sloping channel.
The price bounce at R164,55 is at the 50% to 61.8% Fibonacci retracement level of the entire advance from R98,20.
The expectation is a breakout from this channel for wave [3] or [C].
The bias is bullish though there is downside potential if price breaks below R164,55.
short-term traders:
buy: @ market
stop-loss: below R164,55
Investors:
buy: @ market
stop-loss: N/A
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