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
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.