Capitec C&H ready to rumble to R1,853Cup and Handle has formed on Capitec's Daily chart.
We've had a disappointing 12 months with banks and its downside.
And today, the price opened above the Brim Level. This means, the buying and demand is more likely to take the price higher.
Other indicators confirm:
7>21 - Bullish
Price<200 But price is heading to the 200MA
RSI>50
Target R1,853.
SMC
Sell SIde Liquidity Below the C&H. You can see previous wicks touching the Order Block and then the price rallying. That's Smart Money buying up and sweeping selling from retailers.
Only concern is the current downtrend, which is still intact. We need the price to break above, for the confirmation to really get this going.
ABOUT THE COMPANY
Founded in 2001:
Capitec Bank was founded on 1 March 2001 and has its headquarters in Stellenbosch, South Africa.
Retail Focus:
The bank primarily focuses on providing retail banking services, such as savings, payments, and lending products.
Innovative Business Model: Capitec was one of the first banks in South Africa to operate on a branch-based model rather than using separate branches for personal and business banking.
Digital Banking:
Capitec offers innovative digital banking services, including internet banking and a mobile banking app, which has won several awards.
Affordable Fees:
Capitec is known for its relatively low banking fees compared to other South African banks, which has contributed to its popularity.
Unsecured Loans:
Capitec was one of the first banks in South Africa to offer large, unsecured loans.
