JSE:RMH formed a symmetrical triangle pattern which it broke out of and closed with yesterday's move. Chances are, it will continue to move upwards after the breakout. If it confirms above the fractal level, I will enter long.
JSE:RMH broke through a descending resistance a couple of days ago and is also has triggered all of the criteria for a long on the trend following momentum strategy. We can anticipate a bit more of an upward move before reaching the resistance level.
JSE: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 (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...