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.
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...
NED: Potential price path followed and target reached today (published Tuesday pre-market). Expected a pullback (occurred earlier this week) before advancing. All annotations have been retained on the chart.
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Break of the bull flag could potentially give an opportunity to retest the trendline at R168. Full target is at R180 while stop loss will be a close below R168. NED did release a decent trading statement last week so this week will be interesting to see how the market reacts.
This morning the strength in banks continue, with NED at it's highest level since March 2020.
The share also higher by 3600c or 26% from our 13 April idea (via this platform and levels via our research), see related idea.
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Nedbank has taken some time but is finally on the move to R200. Financials are making a final push and Nedbank is one of the stronger banking stocks. Look for a final push into support likely to become resistance.
JSE:NED broke out of the R145-ish resistance, and it's supported by the 50EMA. Taking a swing trade at this level, targeting the next potential resistance level at R193. With a stop below the 50EMA, this is a potential 1:4 risk:reward trade.
After some time hanging around the yearly pivot point, Nedbank is now ready to make the push to R200 to finally recover the covid losses. I have had to have some patience with this one - see posts below.
I could be squinting here but otherwise there is an IHS on NED. The RR wont be as good because it would seem price has somewhat moved a few points from what would've been a good entry. However I will be watching this stock looking for a pullback to get a better entry. Be cautious when trading against the trend as is the case here with the long term trend still...
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.