Big 4 SA Banks - 1W Channel Breaks
I would have thought that bearishness in the SA banking sector is a thing of the past, with earnings showing bank balance sheets & prospects to be more robust than feared in the Covid sell-off. However their consistent grind higher since call it Jun/Jul last year looks to have stalled, with the Big 4:
- Showing channel breaks on their 1W charts,
- All trading in the no mans land between 15 EMA & 200 DMA,
- Negative momentum (RSI,MACD)
- Strong $ / weakening ZAR not positive for their outlook
Never thought I'd say it so soon into the recovery but, in a short term time frame, time to short SA banks? Or, if you have time to sit it out and an appetite for drawdowns, a good buying opportunity here?
Not shown is 1W the Capitec chart - with a few spinning tops that one could go also either way IMHO
FSR 
SBK 
NED 
ABG 
CPI
- Showing channel breaks on their 1W charts,
- All trading in the no mans land between 15 EMA & 200 DMA,
- Negative momentum (RSI,MACD)
- Strong $ / weakening ZAR not positive for their outlook
Never thought I'd say it so soon into the recovery but, in a short term time frame, time to short SA banks? Or, if you have time to sit it out and an appetite for drawdowns, a good buying opportunity here?
Not shown is 1W the Capitec chart - with a few spinning tops that one could go also either way IMHO
FSR SBK NED ABG CPI
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