JSE:NED is currently breaking through the bottom of a triangle chart pattern. I will wait for confirmation on the close of current candle, but if confirmed, we could be looking at a downward move towards the support area around 10000
JSE:SLM broke the downward trend that it was trading in since July 2020 when it formed higher highs in early November 2020. Since then, it has been consolidating and has found significant support on the 200 Moving Average. I will wait for a breakout of the consolidation zone, and if it breaks through the 6000 level, I will consider a long position.
JSE:SSW is showing signs of downward momentum. The stochastic and MACD has crossed down and the 2 EMA's have crossed. It is also busy breaking through a strong support level at around 5800. If it breaks through convincingly with today's price action, I will consider a short position. Beware of a possible gap close of the gap formed 2 days ago. It may go up and...
After a nice upward move all the way from late November, JSE:EXX is now showing some strong downward momentum and we could possibly look at a short position. The three main momentum indicators we use, the MACD, Stochastic and EMA's are all confirming this momentum.
A bearish engulfing candle has formed on JSE:AMS and we are seeing some nice downward momentum. We could possibly see a small downward move to around the 140000 level of support.
After some consolidation that started in April 2019, there has been a spring, break out of the trading range, backup and now the markup phase. After a pullback, the stock is again being pushed higher to likely new highs.
Sibanye has been showing signs of strength (SoS) and has now broken to new highs. After some consolidation since August, there has been a breakout and backup to that accumulation trading range. Now we have broken above the highs and looking for a push higher.
tthis one move significantly higher and still has room to extend more
Bidvest touched the second target the trend is still bullish for a move higher...
After a nice move towards the bottom of the channel, JSE:CLS has bounced off of the bottom again and looks like it may be heading to another test of the top of the channel. It has been bouncing around in this channel since July 2020.
As for the other banking stocks, Standard Bank is looking to markup. The strength has been clear since December - see post link below. The pullbacks have been shallow and volume increases on up moves have shown buying interest. Now it is time to finalise the expected move back to R160.
Following the strength in Nedbank and, financial stocks since November 2020 we are now seeing the markup phase starting. Nedbank has show strength as the trading range has resolved. The markup should take us back to the previous breakout levels.
The signs of strength (SoS) shown in December - see posts below - has taken some time but is now playing out. We are now looking for the markup back to previous support that should be resistance. The backup attempt after the breakout was shallow and shows strength. This week should see some action in financial stocks.