JSE:INP JSE:INL Investec Waiting for MarkupInvestec has formed a Trading Range (TR) after Preliminary Support (PS), Selling Climax (SC), Automatic Rally (AR) and Secondary Test (ST). There has been low absorption volume in Phase B and we have now seen a spring and test in Phase C. After the test is done we can expect a markup in the TR in Phase D to the top of the TR.
INVP trade ideas
$JSEINP still on trackInvestec PLC remains one of my favorite picks for 2019. Not only should we see value unlocking through its planned unbundling of the asset management business, but most analysts forecasts (Source: Thomson Reuters consensus) targets the share price, 25% higher in 12 months.
Technically, we’re seeing a nice little turn in the 50-day moving average (from downward upward). Should we see a breach of the horizontal resistance at R90.78, the 200-day moving average at R92.06 could be next stop.
Any entry at current level should have to caution points. Trendline at R87.50, with a break at next caution level at the horizontal resistance R84.50.
A Look At The Bigger Picture For InvestecInvestec plc is an international, specialist bank and asset manager that provides a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa, and Australia as well as certain other countries. Investec plc is the controlling company of the majority of the group's non-Southern African operations.
Technicals
I have indicated the monthly structure in black and the weekly structure in pink. I expect the weekly structure to complete after either 3 or 5 waves to the downside and will be looking to trade the long from the end of both waves. Wave 5 of the weekly structure has a really good target and I will not miss the entry after a reversal confirmation.