INVESTEC LTDShort
$JSEINL Investec setting up a shorting opportunity?
Investec has had a nice little run of late, but it is now consolidating at resistance formed by the 89 & 100 day moving averages. Last time this happened in November, we saw the share come under significant pressure. Price has also stalled at the 61.8 fib retracement of the most recent swing high and low. Volume has been very light on the way up which makes me question the recent rally and we also see the RSI indicator now forming divergence and turning lower. I would look to get short between R87 - R89.00 using a significant close above R89 as my stop loss. Target would then be the most recent lows between R76-R78.
"If you do what you love, you'll never work a day in your life" - Marc Anthony
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.