Nedbank Group is one of SA’s four largest banking groups by assets and deposits, with Nedbank Ltd. being its principal banking subsidiary. Nedbank Group is a JSE Top 40 company with its ordinary shares listed on the JSE since 1969 and on the Namibian Stock Exchange since 2007. The group's market capitalisation was R128 billion at 31 December 2017. Old Mutual plc is Nedbank Group's majority shareholder, with a 54.05% ownership of the group. The group provides a wide range of wholesale and retail banking services and a growing insurance, asset management and wealth management offering through four main business operations, namely Nedbank Corporate and Investment Banking, Nedbank Retail and Business Banking, Nedbank Wealth and Rest of Africa.
Technicals
This is a bearish structure formation so ultimately I expect a break to the downside. AS things stand now, I am expecting wave 5 to complete before the downside will occur. Price broke above the orange trend line indicated on the chart which leads me to believe that wave 5 is likely. There is however a possibility that a larger correction will form so be weary of reversal signs.
Technicals
This is a bearish structure formation so ultimately I expect a break to the downside. AS things stand now, I am expecting wave 5 to complete before the downside will occur. Price broke above the orange trend line indicated on the chart which leads me to believe that wave 5 is likely. There is however a possibility that a larger correction will form so be weary of reversal signs.