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Tuesday 19-Sep-2023, 08h14 Nedbank (NED, 20107c). Technical views on both the short term and long term time frames. View #1 (Short Term): At yesterday's close of trade, the Tactical Trading Guide for the share stated the following for the SHORT TERM time frame: "Reward-to-risk becoming attractive for a buy/long position" while the MEDIUM TERM time frame stated: "Aggressive Selling. Wait for the lower time frames (1H, 2H, 4H) to stabilize". Considering the momentum readings, the short term price trend ranks as oversold while the medium term price trend ranks as high bearish momentum/approaching oversold. Incorporating the 'distance' vs the 50/100-EMA, I've noticed a bullish divergence which often signals a pending reversal. The current pivot is yesterday's low of 20020c. As a risk management measure, I would like to see today's candle confirm that the aggressive selling is starting to slow down which will support the aforementioned readings. Preferably, a 'doji', 'long lower tail', 'bullish engulfing' could be developed which could be an early indication of some buying activity.
Tuesday 19-Sep-2023, 08h14 Nedbank (NED, 20107c). Technical views on both the short term and long term time frames. View #1 (Short Term): At yesterday's close of trade, the Tactical Trading Guide for the share stated the following for the SHORT TERM time frame: "Reward-to-risk becoming attractive for a buy/long position" while the MEDIUM TERM time frame stated: "Aggressive Selling. Wait for the lower time frames (1H, 2H, 4H) to stabilize". Considering the momentum readings, the short term price trend ranks as oversold while the medium term price trend ranks as high bearish momentum/approaching oversold. Incorporating the 'distance' vs the 50/100-EMA, I've noticed a bullish divergence which often signals a pending reversal. The current pivot is yesterday's low of 20020c. As a risk management measure, I would like to see today's candle confirm that the aggressive selling is starting to slow down which will support the aforementioned readings. Preferably, a 'doji', 'long lower tail', 'bullish engulfing' could be developed which could be an early indication of some buying activity.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.