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JSE:SBK has been trading in a sideways channel since June. Two days ago, it seemed to be breaking out of the channel in an upward direction, but now it looks like it has found some resistance at the top of the channel. If it fails to break out the top and continues down into the channel, I will consider a short position towards the bottom of the channel.
JSE:SBK has formed a symmetrical triangle pattern and we can anticipate a strong move once it breaks out. For now, it's a neutral signal, but the move will depend on which direction the breakout occurs.
Sanlam has outperformed Standard bank by a margin of 27% from the lows we saw in May of this year. The chart of their relative ratios ( SLM / SBK ) has now approached an important area of resistance (0.46 to 0.477) which has been in place for the last two years. If you take a look at the individual charts of the underlying counters, one will notice that Sanlam has...
JSE:SBK is bouncing off of a support level which is also the 50% fibonacci retracement level, so we can expect a downward move if it confirms the short position.
JSE: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.
JSE: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.
In 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...