Big 4 SA Banks - 1W Channel Breaks
I would have thought that bearishness in the SA banking sector is a thing of the past, with earnings showing bank balance sheets & prospects to be more robust than feared in the Covid sell-off. However their consistent grind higher since call it Jun/Jul last year looks to have stalled, with the Big 4:
- Showing channel breaks on their 1W charts,
- All trading in the no mans land between 15 EMA & 200 DMA,
- Negative momentum (RSI,MACD)
- Strong $ / weakening ZAR not positive for their outlook
Never thought I'd say it so soon into the recovery but, in a short term time frame, time to short SA banks? Or, if you have time to sit it out and an appetite for drawdowns, a good buying opportunity here?
Not shown is 1W the Capitec chart - with a few spinning tops that one could go also either way IMHO
FSR 
SBK 
NED 
ABG 
CPI
- Showing channel breaks on their 1W charts,
- All trading in the no mans land between 15 EMA & 200 DMA,
- Negative momentum (RSI,MACD)
- Strong $ / weakening ZAR not positive for their outlook
Never thought I'd say it so soon into the recovery but, in a short term time frame, time to short SA banks? Or, if you have time to sit it out and an appetite for drawdowns, a good buying opportunity here?
Not shown is 1W the Capitec chart - with a few spinning tops that one could go also either way IMHO
FSR SBK NED ABG CPI
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.