Trade Mr. Price and other JSE Shares with Unum Capital.
To get started, e-mail lester@unum.co.za
Key Takeaway: For opportunistic, active traders MRP rebounded of between 900c and 1100c on an intraday basis. There are plenty of opportunities to get in, get out and get paid.
Yesterday morning (Tuesday, 28 Jan), MRP was on our list of shares which were trading in oversold territory. Reference: ( https://www.unum.capital/post/7x-shares-most-oversold-28-jan )
For those familiar with our strategies, oversold is a range where traders can look to buy/initiate a long position or cover short positions (see graphic below)
For MRP, the previous evening's (end of day) price action model readings were clear, with all 3 time frames pointing to the potential for a rebound.
SHORT TERM (1 to 10 days) was as follows: "Aggressive selling but the buy/long reward-to-risk may be attractive".
MEDIUM TERM (2 to 4 weeks) was as follows: "Has been sold aggressively. Look for a continued decline before a rebound".
LONG TERM (5 to 8 weeks) was as follows: "...look for support at the prior swing lows"
Further References:
The same as the comments on the charts, the time-stamped readings are shown below:
Lester Davids
Analyst: Unum Capital
Additional Reference: Regimes
Comments