Buy/Long SBK at current levels 17653c or better Stop-loss: 17400c Take Profit Target: 18150c
Will the ascending triangle pattern aim for 18840? Just above the 200-day simple moving average. OBV increasing - indicating that money is flowing into the share. Setup remains risky. Time to exit: +/- 13 September 2019
JSE:SBK is bouncing off of a support level which is also the 50% fibonacci retracement level, so we can expect a downward move if it confirms the short position.
Idea whereby going Long ABG and simultaneously going short SBK. Market neutral trading strategy. A conflux of technical indicators supporting a bullish bias (ABG to outperform SBK) Crossing above its 50-day simple moving average. Testing its 200-day simple moving average. MACD bullish crossover - first of such a signal in the last 28 days. Bullish parabolic SAR...
We may derive the following from the Weekly SBK chart: 1. Price has dropped significantly (See linked idea). 2. Some profit can be taken. 3. It is possible that price may consolidate for a while before reaching the 160 support level 4. Keep holding short, but don't leave money on the table. 5. As always - maintain your risk. Note: The views provided...
Rising wedge pattern on the Weekly chart. Last week we got a break to the downside of the wedge pattern, with the week's candle closing below the wedge pattern. This week we look set to close below that level again. *I'm short at R189, targeting a price below R175.
JSE:SBK is showing a hammer followed by a bullish engulfing. If it breaks through the fractal level from the 11th of July, a long position could be on the cards.
We are having a spring effect on SBK and we are expecting it to continue falling
We may derive the following from the Weekly SBK chart: 1. Price broke its weekly uptrend. 2. Multiple rejections occurred at the 618 fib level. 3. Price i.m.o should continue to fall to 175 and then 155. 4. As always - maintain your risk. Note: The views provided herein do not constitute financial advice.
Support - R189 -------Enter R190 to R194. Stop loss - R180. Upward trend to about R206 to R210
Flat top triangle Set limit order on retrace ~198
JSE:SBK has broken through the descending resistance and formed a bullish engulfing candle pattern yesterday. Because of the strong momentum, I decided to enter a long position at opening this morning.
According to the Chart, I think the trend is downward. I examined it with some factors.
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.