Mr Price running with the bulls

Mr Price has had a mixed year so far. In January, it dropped a massive -16.69% in one day falling from R259.14 to R215.24. It then spent the next two months trading a range between R205.00 and R225.00 before finally dropping to R180.00.

Since then, the stock has discovered some bullish vigor, running all the way up to R221.82. The MACD also broke above the the zero-line indicating a bullish trend is back in force.

My only concern is the Slow Stochastic. It has been indicating the stock is overbought for a while now. I expect some minor bearishness before the stock continues its bullish run.

I will thus look to buy MRP on weakness.

Action: Place a Limit Order to go LONG with your Limit Price set to R205.00. Set your Stop Loss to R180.00 and your Take Profits to R230.00 and/or R250.00.