Hammer & Bullish Engulfing on SBKJSE:SBK is showing a hammer followed by a bullish engulfing. If it breaks through the fractal level from the 11th of July, a long position could be on the cards.
Standardbank
Bullish Engulfing & Descending Resistance Breakout on SBKJSE:SBK has broken through the descending resistance and formed a bullish engulfing candle pattern yesterday. Because of the strong momentum, I decided to enter a long position at opening this morning.
STANDARD BANK (SBK) 4-HOUR TIMEFRAME SHORTIn the spirit of load-shedding in South Africa, i decided to try out the dark theme. Without futher ado, let's start our analysis.
The price for this stock is forming a descending broadening pattern, and i expect it to continue to bounce against the pattern's support and resistance zones. The price for this stock is currently creeping towards a resistance level at the 19 650 mark, and it will be interesting to see if prices will break this zone or reject and continue lower. A possible target for a short position is the 18 280 level.
I would only open a small position, as this trade is likely to be against the prevailing trend, as the 200 moving average is currently below the price, signalling bullish bias. Well, so much for indicators!
