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Satrix FINISatrix FINISatrix FINI

Satrix FINI

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STXFIN trade ideas

Financials could be heading back down.Looking at the Satrix Fini, The recent bounce has merely served as a re-test of the "new resistance". If financials fail to break through this level, we could be in far a much larger leg down so be cautious about getting suckered into rallies. I still believe that we are in "short the bounces" mode. This set up is pretty simple to trade. If financials fail to get above that resistance you can go short with relative confidence. AND if they break through strongly and find support above this level you can expect a stronger move higher. As things stand I still think the short trade is more likely.
JSE:STXFINShort
by RobbyP
JSE:SATRIX FINI Don't Get Swept Up in the ExcitementLast week the JSE Financials were on the move but before jumping on the train a word of caution. If one looks back to 2015 we see a long distribution range that formed with investors getting out of South African financial stocks. The recent rise on the back of the covid drop is likely to only be a backup to this distribution range and not longer-term interest in the financials. Using SATRIX Fini as a proxy we see the volume has been declining since the upthrust (UT) that took place at the end of 2017 / beginning of 2018 highlighting the lack of interest. The relative strength to the Top40 is also declining. We are now spiking into the an area of previous high volume so it is rather time to watch and see what the reaction will be than just jumping in.
JSE:STXFINShort
by SteynTrade
2
JSE Financial Index: In Phase B of the Trading RangeThe financial index on the JSE has remained at the low levels after the drop. After the selling climax (SC) and automatic rally (AR) which demarcates Phase A of the Wyckoff trading range, we have seen the typical low volume trading in Phase B play out. Phase B typically takes some time to develop and we may have to wait sometime into next year to see significant action to start taking place. For now, the range seems to be bound between 900 and 1200 and I am not expecting many great trading opportunities. Only some range trades on well-selected stocks seem to be in play.
JSE:STXFIN
by SteynTrade
4
JSE:STXFIN JSE Financials Markdown or MeltdownFollowing the Wyckoff logic of the markets the distribution trading range (Started in 2015) of the JSE financial index has been broken and the markdown (meltdown) has started. The upward stride has also been broken. The financial index is also performing poorer than the Top40 index. We could have a backup to the trading range with price finding support as previous support levels of 1200 / 1100. After the backup, we can expect the markdown to continue.
JSE:STXFINShort
by SteynTrade