Technical Take:
Mr Price Group Limited is one of my favourite shares to trade, even though I do not like the retail space this is a favourite. I have spotted similar chart patterns across the retail stocks and will enter Mr Price Group Limited (MRP) at current levels.
It has currently broken through the long awaited and important 18000c level in August and has done so again on the 7th of September. A close above this level will give a good trading opportunity for a target level of around 19000c. I have spotted this signal a bit late and would have preferred to enter at a closing price closer to the 18000c level and Mondays close would have been the perfect entry.
I have also widened my stop level to allow for the late entry and a possible retracement below 18000c so please keep this in mind when placing your stops.
See Entry levels and Stops below...
Trade Summary Mr Price:
- ENTRY Long (Buy): 18406c
- STOP: 17481c
- TARGET PRICE 1: 18975c
- TARGET PRICE 2: 19521c
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Read more notes by Barry HERE.
Barry Dumas | Trading Specialist at GT247.com
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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