Just keep in mind, Bank stocks are traditionally very sensitive to Local economic conditions.
Weekly Chart :
It’s been in a channel since Apr20 and looks like its just started 5(weekly chart).
A bit late in the game but would have like to get in on wave 3!
Since Sep20 it has been in an uptrend and Mar21 started its down trend.
It passed the 62fibb and the candle wick nearly touched 76fibb.
Incidentally, the 5(weekly chart) target shows potential to R163.
On the :
I’ve had this share on my watchlist since it started its mark down phase in march21 and went to a low of R114 (4may21).
was also at the bottom and shows a reversal around end March -> end April21.
Moving Avg as of 25/5/21 – (14h00) :
50sma = R 123.07
65sma = R 126.28 (candle wick went through it today)
200sma = R 121.41
If it keeps on this trend, we have the next resistance at R129. 40 then again R133 (62fibb).
Has to break R125.59 (38fibb) convincingly(i.e. not a "fake breakout") and let’s hope she goes to 62 or 76/78 fibb.
I think this is a good long-ish termer for the next few weeks / months till it hits it potential target on the upper line of the channel (eventually).
I was planning to buy at R119 and then had to opt out just after the financials were released. I was waiting for it to finalise its downtrend.
Getting a nibble in at R119 would not have been a bad idea, and now that its at least looking more positive, the potential looks even better.