- 2021 Formed an inside year with the range of R149.78 - R113.38
- Bullish case will be a break of R149.78 to target R172.24
Early entries and risk management can be done on the smaller Monthly/Weekly/Daily charts
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Standard Bank is far from a “quality” company, and they arguably have several structural headwinds over the next several years. Nevertheless, the company seems to be trading at a discount.
Standard bank suffered a +/- 55% reduction in their annual earnings per share from 2018 – 2020. This has resulted in the annual debt to EBITDA more than doubling from 2019 to...
Standard bank daily close below 13100 support.
A weaker rand should add to the pressure on local banks.
The two possible short targets are 12050 and 11000.
Finally there's some action on JSE:INL BK"]JSE:SBK . I'm bullish on the financial sector, saw some good recoveries on bank stocks; firing in all barrels. and JSE:NED doing wonders.
Unfortunately you can't have them all, but JSE:STXFIN will give you a good exposure to this sector.
Triple Top, over bought, Long tail reversal candle and over-stretched... I see Standard Bank retracing back into the R130.00's before the next move is decided.
On Monday 19 July, I spoke to the journalist from Barron's in New York who inquired about any SA names which could rebound if and when the (then) civil unrest fades.
I suggested two names.
First was BVT which rallied from R177 to R209.
Second was Standard Bank, which has rallied from R117 to R144. SBK is now at resistance and I think, if you managed to get...
Standard Bank is announced it has concluded an agreement with its controlled company, Liberty Group, to buy all the remaining shares that it doesn't own. The transaction is awaiting regulatory approval.
On the charts, SBK has been trading lower and it is approaching a minor uptrend line, which could be a turning point to the upside. The potential yield is 60-84%.
SBK made a pretty ugly reversal candle on Friday, although after our close things in the US seemed a lot smoother. A close below R132.50 could put it under pressure with R130 as first short term target and big target at R120. It has been the weakest of the lot, so should they all start moving lower SBK should be the 1st to move down.
SBK possible small IHS forming on daily chart. Trigger will be a close above the neckline. Stop loss a close below right shoulder. Target between R130 - R133.
Ideas are my own and not financial advice.
- Price has moved back over the 50 day moving average after spending considerable time consolidating and forming a base
- Any pullbacks towards R123 will be an opportunity to enter long targeting the wedge top around R130
- As long as we stay above R116 , the bullish bias remains.
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be...
It’s not my favourite bank share but a few reasons to look at it.
Just keep in mind, Bank stocks are traditionally very sensitive to Local economic conditions.
Weekly Chart :
It’s been in a channel since Apr20 and looks like its just started Elliot Wave 5(weekly chart).
A bit late in the game but would have like to get in on wave 3!
Since Sep20 it has been in an...
