UPDATE Nedbank heading nicely up to R238.56UPDATE from last time.
I thought we would get a bit of a pull back before the upside push, but I was mistaken.
Regardless, the price was expected to move up and up it is going.
This W Formation that formed and broke out gave a decent Risk to reward 1:2. And At this point where the R:R =1 it's even safe to bank half profits and move stop loss to breakeven.
7>21
RSI>50
Target remains at R238.56
ABOUT THE COMPANY
~ Nedbank Group Limited, commonly known as Nedbank, is one of the largest banking groups in South Africa. (Part of the Big Five!)
~ The company was established in 1888 and is headquartered in Johannesburg, South Africa.
~ Nedbank is a subsidiary of Old Mutual Limited, a financial services conglomerate.
~ The bank operates in various segments, including Retail and Business Banking, Corporate and Investment Banking, and Wealth Management.
~ Nedbank offers a wide range of financial products and services, including personal and business banking, loans, mortgages, investments, insurance, and asset management.
~ The company has a significant presence in South Africa, with a network of branches and ATMs across the country.
~ Nedbank has also expanded its operations internationally and has representative offices in several African countries, as well as operations in other regions such as the United Kingdom.
HOW NEDBANK GOT ITS NAME
Nedbank's name is derived from its historical roots.
When the bank was established in 1888, it was originally known as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika (Dutch Bank and Credit Union for South Africa).
Over time, the name was shortened to Nederlandsche Bank voor Zuid-Afrika (Dutch Bank for South Africa) and eventually to Nedbank.
The name "Nedbank" reflects the bank's Dutch heritage and its focus on providing banking services in South Africa.
