Morrison eyes floor of the expanding channelRejection at the rising trendline + falling tops + falling channel on the RSI suggests we could be heading lower to the floor of the expanding channel
Morrison
Morrison (MRW LN)Price is in a firm up trend despite retracing recently and in recent Kantar surveys showed the Co.'s market share decline 3.2% but stand at a respectable 10.4% with Tesco still in the lead at 28.2%. However, recent news for the Co. has been positive with the tie up with Amazon and their last set of earnings showing an increase in revenues.
R3 230.14
R2 Intraday downtrend line
R1 223.56
Current 221.41
S1 216.98
S2 214.87
In terms of Value Areas we have extended above the mean area on the daily chart and would need another distribution if results are outstanding. If results are worse than expected we could see prices trade back into mean value at around 200.00
Morrison (MRW LN)Price is in a firm up trend despite retracing recently and in recent Kantar surveys showed the Co.'s market share decline 3.2% but stand at a respectable 10.4% with Tesco still in the lead at 28.2%. However, recent news for the Co. has been positive with the tie up with Amazon and their last set of earnings showing an increase in revenues.
R3 230.14
R2 Intraday downtrend line
R1 223.56
Current 221.41
S1 216.98
S2 214.87
In terms of Value Areas we have extended above the mean area on the daily chart and would need another distribution if results are outstanding. If results are worse than expected we could see prices trade back into mean value at around 200.00
Morrison – Resuming next leg higherDaily chart – Bullish break from symmetrical triangle
Rebound from symmetrical triangle support followed by a break above 194.00 (Aug 12 high) coupled with bullish daily RSI and money flow index suggests prices are likely to target recent cyclical high of 210.10 (Mar 7 high).
Only a day end close below 187.40 (Aug 17 low) would signal bullish invalidation.
Morrison - Eyes 200.00 levelsDaily chart shows a bullish break from symmetrical triangle formation. Prices breaking above Aug 9 high adds credence to the rebound from triangle support seen today.
Furthermore, we also see a bullish break on daily RSI from flag pattern.
Hence, prices appear on track to test 200.00 levels.
