Capitec has been in this Broadening Pattern (Vuvuzela) formation since November 2023.
It breaks into higher highs and lower lows. But the overall momentum and trend channel is up.
It will continue trading in this range until we get a breakout of the resistance or support. My bet is it will first trade to the top of the range at R2,485.92.
Capitec has always...
Head and Shoulders has formed on Absa Bank since 28 December 2021.
Major downside to come if the price stays below the brim level.
Price< 20 and <200 and the background has turned red.
Target R76.08
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....
SA Banks going lower quite a bit in the near future becomes a greater possibility:
1. DOLLAR seems to make a short term correction so we might see a weaker RAND which in turn is not good for banks.
2. The recent bank results were not good regarding provisions.
3. And then obviously the descending triangle.
If the triangle plays out chances are good I will do...
