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...
JSE:SBK
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.
On short timeframe, one may trade the Head And Shoulder pattern as it is inside the pennant continuation channel, also one may hold the sell position for longer incase there is a breakout.
- Seems like SBK is reaching the end of subwave 3
- I expect a pull back to MIN R184.00 (If it goes lower, the wave count is invalid)
- Nearing the top, I'll be looking for bearish divergence
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.
We will...
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...
JSE:SBK is showing a bearish engulfing candle at quite a significant resistance level.
It will most likely come down until it reaches the support level at around 160000.
Will look to allocate off the shaded levels
- Shorting if price starts to trade below shaded level
- I have exposure to Financials for upside(x3), need to re-balance for downside risks. ie create synergies with open positions
- I have a bit of a bias to the down-side here, thinking JSE:MTN will drag JSE:SBK. Last time(2015) this was the case, in that instance the...
