In the spirit of load-shedding in South Africa, i decided to try out the dark theme. Without futher ado, let's start our analysis.
The price for this stock is forming a descending broadening pattern, and i expect it to continue to bounce against the pattern's support and resistance zones. The price for this stock is currently creeping towards a resistance level...
Standard Bank: This idea goes against my typical strategy to buy low and sell high as well as my long term outlook on SA Banks which has a bearish tilt. That being said, SBK’s share price has started to consolidated above the 200-day moving average and seems to be eyeing the resistance zone of 19771c. What has struck me today was the following: while the low of...
After a high volume selling climax in 2018 Standard Bank is now at the top of the Trading Range (TR) that was formed. A smaller distribution range has formed, there is a divergence with the Volume RSI and some selling volume. The expectation is that the price will move in steps to test the bottom of the TR.
Made double top around 19700.
Currently testing bottom of the up trending channel started in October 2018. If it breaks bellow next target is neckline for double top around 18200
If that neckline is broken target will be around 16700. Around November/December low.
Above 19700 and bulls are fully in control.
Daily chart shows price attempting to break the resistance level of an ascending triangle pattern.
We also have a 'golden cross' of the 50 and 200 day moving averages, which is considered bullish.
R210 could be a short term target.
A dark cloud cover has formed on JSE:SBK which is a top reversal signal, so we can expect a downwards move.
A dark cloud cover follows a preceding up trend where a red candle opens up above the previous day's green candle and closes 50% below it's body.
This particular pattern has formed on quite a strong resistance level which solidifies the signal.
After gapping down on the 6th of December, Standard bank has been rather range bound between R166.00 and R177.00. We seem to have encountered horizontal resistance again at the R176.50 - R177.00 level for the 3rd time and the market has started to reverse. Look for a move back down to prior levels of R169.00, R167.50 and R166.00
Standard Bank Group Ltd. is the ultimate holding company for the group’s interests and is a leading African financial services group with South African roots. The group is South Africa’s largest banking group by assets and currently operates in 20 countries in sub-Saharan Africa. Their strategic position enables them to connect Africa to other selected emerging...