I would have thought that bearishness in the SA banking sector is a thing of the past, with earnings showing bank balance sheets & prospects to be more robust than feared in the Covid sell-off. However their consistent grind higher since call it Jun/Jul last year looks to have stalled, with the Big 4:
- Showing channel breaks on their 1W charts,
- All trading in...
A slightly ascended head and shoulders has formed on JSE:NED . If this pattern plays out, we could see a move downwards to the target at around 13000 support area. This coincides with a breakout of the ascending channel that happened on the 9th of November.
Although not confirmed yet, JSE:NED seems to be forming a double top pattern.
Here is the definition of a double top from investopedia: A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. It is confirmed once the asset's price falls...
Looking at NEDBANK, we might soon see it moving towards the 200MA (5 year) timeframe & find resistance there. Pricing R195-R200. I bought myself some stocks and going to hold. You might want to look at FSR as well. Position medium.
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:NED has broken convincingly through the top of a triangle pattern and could be on its way up for a nice move. The next significant resistance is around the 16000 level which has been a support/resistance level since 2013.
JSE:NED failed to break below support with yesterday's price action. It seems to be forming a bullish harami at the moment, but we'll have to see what happens towards the end of the day. If it doesn't break lower, I will consider a long position.
JSE:NED has formed a bearish harami at a strong resistance level which it has failed to breach. It is looking good for a short position with the stochastic confirming. If it breaks through yesterday's low, I will enter a short position.
JSE:NED is showing signs of a possible reversal.
A few days ago a bearish harami formed at a very strong resistance level which at the same time formed a double top.
Planning on entering a short position if it trades a bit lower.
Nedbank Group is one of SA’s four largest banking groups by assets and deposits, with Nedbank Ltd. being its principal banking subsidiary. Nedbank Group is a JSE Top 40 company with its ordinary shares listed on the JSE since 1969 and on the Namibian Stock Exchange since 2007. The group's market capitalisation was R128 billion at 31 December 2017. Old Mutual plc...