Nedbank made a strong move on Friday, and although this chart is open for interpretation, this could either be a pennant break to the upside, or a bullish looking flag building. Either way, 16500 looks like a possible future target.
3 months consolidation in Nedbank. Expecting numbers that are not as bad as expected from the banks. Buy the breakout.
A pennant kind of pattern developing on the Nedbank daily chart. It can break either way!
An extract from my research report for 25-29 January 2021 Nedbank Group (NED) | In addition to our ABG short/sell idea published last week, we also note it's peer NED breaking down from it's incline support and sideways consolidation range. This follows a short period of lower highs and sees the price losing it's 8 and 21-day EMA while daily RSI has shifted from...
NED remains stubborn in its refusal to cross below 12069, leaving us wondering if we can get the contact details of the praying granmother that is holding this shareprice up. What do you think?
Nedbank appears to be consolidating in a very narrow flag formation after a very good run in November. Watch for a flag breakout in the coming weeks. No position. Targets will become clearer when we break this flag pattern to the upside.
Has the financials recovery started? Nedbank certainly looking bullish, up about 102% from the lows of March this year. Perhaps the MPC meeting could push financials one way or the other on the repo announcement today. The Fini index is also looking like the worst is behind us. Though the bearish sentiments aren't completely out the door yet. It's a "wait and see"...
Nedbank is breaking out potentially to correct back to 22000 to 24000 after the Corona Crash. There is some volume in the up moves that is gaining momentum. If you are patient enough you can wait for a pullback to the breakout level but if you have some FOMO this could be a time to get on the train just know you may have to sweat the pullback.
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.
Needs to hold above that trend line. My bias is long here.
Bullish momentum and break of resistance. Could be a long.
The RSI shows NED breaking slightly upward of the previous trend. Will it continue upward towards R110 or turn sideways? Nerves of steel needed here.
South African banks are bearing the brunt of the economic impact of COVID-19 and lockdown. Fundamentals: Prior & ongoing recession Weak ZAR Low interest rates (limited profitability) Decreased business activity Pervasive credit losses & impairments Technicals: Breakout from bearish pennant Decreasing RSI (not oversold yet) Share price...