Nedbank, recognized as the smallest of South Africa's five major banking institutions, boasts a client base exceeding 8 million individuals. Following its separation from Old Mutual on 10th October 2018, which included the latter selling its remaining stake, Nedbank has continued to carve out a distinct identity in the banking sector. For the fiscal year ending...
See link below for previous update.
Nothing much has changed, price still contained in what looks like a contracting triangle.
I remain neutral as to the direction of the breakout so I will sit on my hands for now.
The chart herein shows how the NEDBank stock analysis.....
I expect the stock to keep rising to the top. I will thereafter relook at the chart once we hit the top.
Kindly also check teir financials from website
Good luck
The stock has continued to fetch prices since the R195 major support (double bottom) posted in the idea below. We at the top of a channel and major resistance just above at R236. As always, price action will be key to see if the momentum is likely to continue.
Price has formed a decent looking double bottom at a key support zone.
We closed above the 20ema daily yesterday so I'll be looking for a continuation today to target
initially R205.50 then R208.50
A daily close below R194 invalidates the idea.
A chart from today's research. For more research insights, including trade ideas, get in touch today.
Wednesday 25-October-2023, 10h20
Nedbank Group (NED, 19730c). Monthly Chart.
The R200 level is one which I have highlighted in recent months as one to monitor for downside risk. This is a range that been supported by buyers for 19 months and is currently being...
Nedbank had a stellar two year bull run from March 2020 to March 2022.
The consolidation pattern from 24625 looks like a barrier triangle but it can also be viewed as a horizontal rectangle depending on where one starts the upper trendline.
There is no clear direction at this moment so I will sit on my hands.
Published this morning on our client platform. For more research insights, including trade ideas, get in touch today.
Nedbank Group. View #2 (Long Term): Analyzing the weekly chart, I've noticed that the 14-week RSI is at a 3-year low. New highs on the RSI are bullish. New lows on the RSI are bearish. Know your time horizon.
Published this morning on our client platform. For more research insights, including trade ideas, get in touch today.
Tuesday 19-Sep-2023, 08h14 Nedbank (NED, 20107c). Technical views on both the short term and long term time frames. View #1 (Short Term): At yesterday's close of trade, the Tactical Trading Guide for the share stated the following for the SHORT...
JSE:NED has been caught in a bullish flag consolidation since March 2022. Considering the most recent price action, the instrument closed strongly bearish approaching the support at R200.00
Scenario 1 (Probable): On the downward break of the support at R200.00, price will continue further consolidation towards R176.60 until March 2024 where it is expected to find...
UPDATE from last time.
I thought we would get a bit of a pull back before the upside push, but I was mistaken.
Regardless, the price was expected to move up and up it is going.
This W Formation that formed and broke out gave a decent Risk to reward 1:2. And At this point where the R:R =1 it's even safe to bank half profits and move stop loss to breakeven....
JSE:NED has broken out of a sideways consolidation that it has been trading in since mid April. With the current momentum, I think we could see a move all the way up to the highs last seen at the end of March 2022.
Price has had a successful test of a trendline zone.
Next hurdle zone remains R212-R217 but if cleared, we could see a move back to swing highs.
Bulls in control while price remains above the rising 200dma.
TP and SL on the chart.
Worth keeping an eye on NED as it approaches the top of its 1 year consolidation channel range.
Difficult to imagine it breaking out given the weak SA backdrop but maybe the latest results, share buyback and massive corporate renewable energy loan advances will be enough to trigger the breakout.
