Standard Bank: This idea goes against my typical strategy to buy low and sell high as well as my long term outlook on SA Banks which has a bearish tilt. That being said, SBK’s share price has started to consolidated above the 200-day moving average and seems to be eyeing the resistance zone of 19771c. What has struck me today was the following: while the low of the day (18900c) was a one-week low, the RSI attempting a breakout while the ‘money flow index’ has broken a nearly 3-month downward trend line and is pointing sharply higher. In mid-afternoon trade the price is printing a bearish engulfing candle while being supported by the 50day moving average. Does it pull back over the next day or two ? I just don’t know however a break of the overhead resistance may open up 21000c and 21800c as targets. Stop-loss: 18870c.
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Correction: BULLISH ENGULFING CANDLE (not bearish engulfing).