STANBIC BANK ON CLEAR BEARISH MOVE The stock is already on a downward trend.
support line/demand zone broken at N40.00
The next support level is at N24.00 and N14.00.
December candle formation is an inside day bar.
The direction of the coming month price action will determine the stock direction.
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STANBIC
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