STANDARD BANKstandard bank posted ground breaking 18 billion Rand profit this past week which is massive
Jsesbk
Standard Bank almost ready for a good buy to R200 or Goodbye Cup and Handle has clearly formed on Standard Bank.
I don't like this Bearish engulfing candle that formed.
The price didn't break above the brim level so we will have to be a bit patient before buying.
We then have other bullish signs in the meantime.
7>21>200 - Moving Averages
RSI>50 -
Target R200.00
CONCERNS: Obviously we are not going to buy until we get the break. This can either go up or can crash heavily.
All we can do is wait and act accordingly.
Standard Bank - Sell shortWedge within a wedge - I just invented this pattern. I dub thee 'the wedgy pattern' (TM).
Price has gapped under the inner wedge.
Shaded area represents an important area for price to maintain.
A break of outer wedge would confirm my trade thesis. Sell short.
Historically, volume spikes seem to imply a start of a short-term downward trend. This holds true for the last 6-10 months.
STARDARD BANKstandard bank retesting the trend line of the bull flag gearing for a move to the upside
$JSE-SBKJSE:SBK
Some basic line chart to follow.
Looks like $JSESBK is testing break out from cup and handle.
$JSE-SBKJSE:SBK
Hitting some big support, maybe time to bounce form here at least for few days.
On top of that could be false break as well.
$JSE-SBKJSE:SBK
Making head and shoulders.
Break bellow 17000 will probably open targets towards 14500/15000 area.
JSE:SBK Standard Bank Targeting the Bottom of the Trading RanageAfter a high volume selling climax in 2018 Standard Bank is now at the top of the Trading Range (TR) that was formed. A smaller distribution range has formed, there is a divergence with the Volume RSI and some selling volume. The expectation is that the price will move in steps to test the bottom of the TR.
$JSE-SBKJSE:SBK
Stuck in the range testing bottom of it.
Banks are looking weak. If it breaks lower more downside.
$JSE-SBKJSE:SBK
Still inside range but if 18200 gets broken more downside to come.
Banks are looking weak these days.
$JSE-SBKJSE:SBK
Made double top around 19700.
Currently testing bottom of the up trending channel started in October 2018. If it breaks bellow next target is neckline for double top around 18200
If that neckline is broken target will be around 16700. Around November/December low.
Above 19700 and bulls are fully in control.
$JSE-SBKJSE:SBK
For resistance/support traders long $JSE-SBK here
SL = 18100
FT =19500
ST = 20300/20500
$JSESBK Short- Seems like SBK is reaching the end of subwave 3
- I expect a pull back to MIN R184.00 (If it goes lower, the wave count is invalid)
- Nearing the top, I'll be looking for bearish divergence
SBK Corrective Structure - Effort To BreakStandard Bank Group Ltd. is the ultimate holding company for the group’s interests and is a leading African financial services group with South African roots. The group is South Africa’s largest banking group by assets and currently operates in 20 countries in sub-Saharan Africa. Their strategic position enables them to connect Africa to other selected emerging markets and pools of capital in developed markets.
Technicals
Weekly: A predominant uptrend on SBK has been evident for a few decades now although there have been a few significant pullbacks. The current structure formation leads me to believe that we are in a large correction at this point in time. I expect some recovery soon and then will be looking for wave 3 of the correction to the downside. I expect this wave to complete on the support of the underlying trend where I will be looking for a reversal to enter the long.
Daily: There has been a break of the downward trendline but I am not convinced of the reversal as yet. I will wait for a confirmation structure on a smaller time frame before entering the long for wave 2 on the weekly time frame.
$JSESBKJSE:SBK
Long term trend down, but short term oversold.
Short term trend line broken so some strength coming to it
SBK ShortWill look to allocate off the shaded levels
- Shorting if price starts to trade below shaded level
- I have exposure to Financials for upside(x3), need to re-balance for downside risks. ie create synergies with open positions
- I have a bit of a bias to the down-side here, thinking JSE:MTN will drag JSE:SBK. Last time(2015) this was the case, in that instance the affect was delayed but highly correlated
My thinking is that the relationship should see JSE:SBK price affected
