SBK is probably has the best looking chart out of all banks currently, in my opinion. Whilst the other major banks have overshot levels to the downside, SBK managed to hold onto the first blue TL at around 160. ZAR weakness cold be a determining factor going forward, and we might see SBK push lower to second level of support, anywhere in the mid-150's (solid blue...
standard bank posted ground breaking 18 billion Rand profit this past week which is massive
Cup and Handle formed on Standard Bank. The price broke above the brim, then it came back down to give a conservative entry. 7>21>200 RSI>50 Target R200.00 WARNING The biggest issue is that a GAP has formed during the formation. Statistically, gaps close 70% of the time, which means we can expect downside to come in the next few days. Look the bias is bullish...
Nice Cup and Handle/ Ascending Triangle pattern for on SBK. This one requires a bit of patience as it the C&H could morph into an ascending triangle pattern. Offerting an even tighter stop and a better R;R ratio. Pending a break above R182 for a 199.50 short term target. Its good trend continuation setup developing
SBK is still trading in a bullish channel and has bounced off its 50 day Moving average which also happened to be its bottom support channel line. A move back up towards to upper channel resistance provides a 2:1 RR trade
Cup and Handle has clearly formed on Standard Bank. I don't like this Bearish engulfing candle that formed. The price didn't break above the brim level so we will have to be a bit patient before buying. We then have other bullish signs in the meantime. 7>21>200 - Moving Averages RSI>50 - Target R200.00 CONCERNS: Obviously we are not going to buy until we get...
Banks are seeming on a good run. Standard Bank had been amongst the leaders of the market. Trend continuation breakout on the share. I have no target in mind but a R170 stop loss is a really good one.
The banks continue to defy all odds and the current challenges in the country ... Possible bull flag in play on Standard Bank , the test will be to break the recent swing high . R184 If bulls successfully capture the level, R206 becomes the measured move target on the long side.
Bull flag developing on Standard bank which could target 190.
Wait for 16460 rejection n buy SBK , as the rand getting strong the Exchange is expecting the banks in SA to out perform other banks in the world by growth not net balance, so be sure to see a rejection on that price level to 19625 price level a new high for standard bank SA..
Some sort of retest on Standard bank and the potential scenario from here!
Original idea attached. Local events pushing banks sharply lower today. In recent weeks, the sector approached an overbought range, trading 2x to 2.5 std deviation over 200 days. JSE:SBK sell idea 08-Nov: I was looking for a push higher followed by an eventual 'rollover'. For more insights, including trade ideas, get in touch today.
ABSA is leading the race to the top with +33% up year to date. Banks have been the sector to be in clearly, even with all the challenges our economy and world markets are facing.
The following factors may support a sell/short: (1) a 'near overbought' rating, (2) a negative divergence between the price and the Relative Strength Index (RSI) suggesting the upward momentum is potentially slowing (3) trading between 2x to 2.5x it's mean over 200 days. Preferred sell around the last close or slightly higher (may overshoot on the upside). Exit is...
Standatr bank a brekout of the bull flag for a strong move to the upside
Falling Wedge has established on Standard Bank. Price has just broken above, but it's early days. 7>21 but 200 is still flirting with the previous Moving averages... My first target is R186.29. CONCERNS: The JSE is mirroring the upside of the American markets (with the good earnings results) With the Dollar strengthening again, this bull run could be short...
JSE:SBK seem to have found support at the previously noted area of value. The bank also came with operational update, maybe that was a catalyst.