A price action above 1700 supports a bullish trend direction.
Further bullish confirmation for a break above 1750.
The target price is set at 1800.
The stop-loss price is set at 1650.
Remains just above its 23.6% Fibonacci retracement level.
Price rallied well off support and now bulls will want to hold it above R1590-R16.10 to attempt a move towards swing highs.
The momentum looks favourable in the sector.
Beautiful gap and drive breakout + a retest of the resistance line from the other side on STXFIN ETF signaling a strong run from the financial stocks. With a stop halfway through a the gap. with a target at the R18 high. provides a decent risk reward. I'm still bearish on the overall market and bullish on the finiancials
STXFIN is approaching an area of interest...
The downtrend resistance has been in place since April '22
I would be cautious on financials unless we recapture the 200dma
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...
- STXFIN looking to breakthrough R15.50 again to go test the trendline at R16.00
- Oscillators turning up from oversold
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
- The STXFIN has hit strong resistance, a downtrend line starting from April this year
- It will be interesting to see if the moving averages provide support here else a deeper pullback towards the swing lows will be on the cards.
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
- Price is in a short term down trend and is below the 200 day moving average (black line)
- Next decent support is in the R13.30-13.60 zone
- Trend remains down while we make lower lows and lower highs
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Disclaimer: All ideas are my opinion and should not be taken as financial advice.
If you would like me to have a look at any chart,...
The fund invests in the 15 largest financial companies listed on the JSE, ranked by investable market cap.
Head and shoulders formed with the right should on top op the 200 day moving average support line
A break of this support could see a price target of 1239. A long way down.
A bullish trend is applicable above 1630.
Crossing below this level will negate the bullish trend.
RSI is leaving enough room for further upside potential.
Expect some consolidation between 1660 and 1720.
Crossing above 1720 might support the price action to reach the target price.
Remains a risky trade.
Satrix Fini has made a new 52 week high as it approaches upper trendline and area of interest
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Disclaimer: All ideas are my opinion and should not be taken as financial advice.
- Price found support at previous breakzone
- Stochastics turning up from oversold
- Looking for a move to towards the top trendline while we remain above support
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
At some major support.
However, downside price momentum supports a bearish trend.
RSI leaves enough room for further downside price potential.
M-top pattern might support the bearish trend.
Might we see the price action back to its 200-day?
Last 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 Financial Index of the JSE has shown some strength and this week it is time for the mark up back to the Support that is now likely to be resistance and test the area between 1400 and 1600.
The Satrix Financials ETF chart is starting to show that our basket of financial stocks is beginning to roll over. RSI and oscillators are showing price fatigue and weakness creeping in. A 10% correction is not a crazy notion. I reckon this one is a convincing short back to around R10.50 (200 day moving average).
