New 52-Week High for RMBHNice littler breakout lately for $JSERMH, through long-term resistance, to close at a 52-week high on Friday. RMH now trading at the Thomson Reuters consensus target price.
RMH trade ideas
RMH Fib RetracementJSE:RMH is in an upward trend and seems to have just finished with a retracement which bounced perfectly off of the 61.8% Fibonacci level.
If my predictions are correct, it should continue in an upward move for a while all the way back to the previous high and possibly even beyond.
Royal Merchant Bank About To Break?Royal Merchant Bank (RMB) Holdings is an investment company, with its main holding being a 34% interest in FirstRand Bank Limited, one of southern Africa’s premium banking groups. The group’s history can be traced back to the consolidation of Rand Consolidated Investments and Rand Merchant Bank in South Africa in 1987, giving the group a wide interest in the financial services sector. RMB Holdings shares were listed for sale on the Johannesburg Stock Exchange (JSE) in 1992 and the group currently trades under the ticker RMH, with a market cap of R78 billion.
The group has a significant influence on FirstRand Bank (which has a market cap of R 300 billion) through non-executive representation on boards, in line with RMB’s decentralised management philosophy. FirstRand Bank currently has control of First National Bank, Wesbank, Royal Merchant Bank and Ashburton Investments.
The group recently announced that it will expand its current single investment in FirstRand through the purchase of a 25% stake in leading South African property group Atterbury.
Technicals
This is a bullish corrective structure and is currently trading at the top of wave 4. Should the structure break to the upside now, there are good targets but the possibility of wave 5 to the bottom of the structure does exist. I will be watching lower time frames for an entry signal.
RMB HOLDINGS JSEA bullish flag on RMB Holdings signals upcoming buying opportunities as the market breaks out of the flag we go in with the buyers. The target being at the 8962 area.
RMB Holdings Short positionEntered short on JSE:RMH because of a bounce off of resistance and a stochastic cross downwards. Looking to take profit at around the 6800 level.
There seems to be another support level around the 7500 which needs to be taken note of too.
JSE:RMH RMB Holdings Re-accumulation rangeFollowing on from September's evaluation (See link below) the following. The pullback after the breakout seem to be a formation of a new trading range. Following the Wyckoff logic the breakout was on relatively high volume and the pullback to the previous trading rang a Automatic Reaction (AR). We have had another test of the bottom of the new trading range with demand again stepping in at this level. With the Rand (ZAR) strengthening this gives more confidence to this evaluation. With high volumes at the bottom of the new trading range it could be and indication that this is a re-accumulation trading range developing. For now we are looking at a test of the top of the trading range to see how it reacts.
JSE:RMH: RMB Holdings ready for mark-up in Phase EOn the weekly TF RMB Holdings has been re-accumulating and broke the trading range with good signs of strength (SOS) (or Jumped the creek according to Wyckoff terminology). There has been a back-up and we are potentially looking at the start of the Mark-up Phase E. The stock is also showing leadership against the Wyckoff Wave and increased volume on the up waves and declining volume on the down waves.
