SBK - Near Entry PointSupport - R189 -------Enter R190 to R194.
Stop loss - R180.
Upward trend to about R206 to R210
SBK trade ideas
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_group_Ltd According to the Chart, I think the trend is downward. I examined it with some factors.
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.
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!
Standard Bank: Pending Consolidation Break UpStandard Bank: This idea goes against my typical strategy to buy low and sell high as well as my long term outlook on SA Banks which has a bearish tilt. That being said, SBK’s share price has started to consolidated above the 200-day moving average and seems to be eyeing the resistance zone of 19771c. What has struck me today was the following: while the low of the day (18900c) was a one-week low, the RSI attempting a breakout while the ‘money flow index’ has broken a nearly 3-month downward trend line and is pointing sharply higher. In mid-afternoon trade the price is printing a bearish engulfing candle while being supported by the 50day moving average. Does it pull back over the next day or two ? I just don’t know however a break of the overhead resistance may open up 21000c and 21800c as targets. Stop-loss: 18870c.
$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.
Standard bank breaking to the upside of ascending triangle?Daily chart shows price attempting to break the resistance level of an ascending triangle pattern.
We also have a 'golden cross' of the 50 and 200 day moving averages, which is considered bullish.
R210 could be a short term target.
STANDARD BANK GROUP LTDOn short timeframe, one may trade the Head And Shoulder pattern as it is inside the pennant continuation channel, also one may hold the sell position for longer incase there is a breakout.
$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
Dark Cloud Cover on SBKA dark cloud cover has formed on JSE:SBK which is a top reversal signal, so we can expect a downwards move.
A dark cloud cover follows a preceding up trend where a red candle opens up above the previous day's green candle and closes 50% below it's body.
This particular pattern has formed on quite a strong resistance level which solidifies the signal.
We will look at entering a short position if it trades around the 17200 level with a target around the previous support level of around 16000.
Standard bank encountering strong resistance at the R177 level.After gapping down on the 6th of December, Standard bank has been rather range bound between R166.00 and R177.00. We seem to have encountered horizontal resistance again at the R176.50 - R177.00 level for the 3rd time and the market has started to reverse. Look for a move back down to prior levels of R169.00, R167.50 and R166.00
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.
SBK - Bearish Engulfing PatternJSE:SBK is showing a bearish engulfing candle at quite a significant resistance level.
It will most likely come down until it reaches the support level at around 160000.
$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
