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
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
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.