Wait for it...Our Satrix Financials ETF is looking so weak. The trade could be a "kiss goodbye" setup. You should be looking to get short on a test of the 200 day moving average at around R16.05... then ride it all the way down to previous lows.
STXFIN trade ideas
JSE:STXFIN JSE Financial Index (J212) Effort without ResponseUsing the Satrix Fini as a proxy for the financial index we notice that we are at an important decision point. There has been a declining interest in buying the index. Buying volume in 2016, 2017 and 2018 has failed to push the index to new highs and in 2019 volume has been low. Price has reached the long term oversold trend line and a break lower could open significant downside. Early in 2020 we will watch for signs of a change of character to indicate the markets bias but this looks bearish to me.
STXFIN - Short Idea - Breaking down out of a rising wedge
- Weaker RAND will hurt financials stocks
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
STXFIN - 4HR Trade Idea- Finding support on the 100ma and currently above 50ma (4HR)
- Target a move to R16.32
- Stop Loss around R15.46
- R/R is 1.5
- Weaker dollar will aid Financials
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
STXFIN Swing TradeTaking a swing trade on this ETF. We have broken the short term down trend and looking for a bounce here from financials.
Shorting Financials (STXFIN)I am of the opinion that our Rand rally may be over-done and we could see weakness from here. This would see pressure come in on the financial and retail stocks mostly, but our banks specifically have had a sharp bounce and I expect them to take a breather.
Looking at the chart, the STXFIN ETF is approaching a resistance zone at the 200 day moving average and is also near a multiple top zone. Momentum indicators are all starting to point lower with some negative divergence on the RSI. I am short at R16.96 with a target of R15.45. Risking 2% of portfolio. my stop loss is at R17.62 which if breached would signal a potential break-out to the upside
Robby P
