JSE:NED - key ST levels for the share:
Also note, the share is below the 200-day which is starting to act as a resistance zone .
Levels derived from my 'Price Action Guide'.
Price has reached a down trending line of resistance.
Expecting some cooling off here to allow the 20ema to catchup.
Oscillators in overbought territory.
Financials looking to lead the santa rally. generally rising interest rates are helo the banks. Nice strong breat to test the highs. Not heavily impressed with the R:R thoguh
Markets are expected to experience a relief rally.
Stochastics turning up from oversold. A close above the 20ema (orange line) will add conviction to the trade.
TP & SL on the chart.
On my radar, I'm just seeing downside for the banks!
Even Nedbank has given a potential short position.
Below Symmetrical Triangle
Target 1 - R169.95
What are your thoughts?
NEDBANK group on the monthly candlestick has printed a break plus pullback type of a pattern to a trend line and has reacted with some bearish momentum on the 61.8 fib retracement level.It has also reacted on the previous support zone which later becomes the resistance as we can see. According to this price action I expect a long term bearish perspective on...
NED is retesting a big support level at R200-R205 level, RSI currently oversold around , if buyers step in here a good Risk reward is favored to the upside
NEDBANK has formed a shooting star pattern followed by a bearish engulfing candle. Both of these are signs of a potential reversal, so I think we could be seeing a nice short position coming up soon.
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.
Bullish price action with price closing above the the EMA200 then breaking out again to close above the SR level at 19000. Looking to reclaim the levels prior to 2020 market crash, will be watching with great interest as 20000 is a big psychological level. Keenly looking for setups here.
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.
Client report (initial thoughts and ideas) for the week commencing 11 October has been published.
Nedbank (NED, 16821c) | 50-Day EMA being lost. Trend line support extending back to the March 2020 lows at risk where it's highly probable that it's breached. RSI at 41 (bearish momentum).
Edit: Not a day or short term, but rather a medium term view.
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