SA Banks & Financials packing their bag for a short trip south
Well, everything on the globe is being marked down, and this includes SA banks & financials, despite much improving underlying fundamentals.
Prices for all of them are now under their 5EMA which is under their 15EMA. In this weak sentiment environment I'm looking for them to give back another 5% or so before bargain hunters like myself can't resist the risk.
SBK target the R113-R115 area 
FSR target R48ish 
ABG target R116-R118 
NED who knows and even
CPI looks ready to retrace to the R1450 area.
Conversely stated, in the current environment the probability of these counters going up 5% is a LOT lower than them going down 5%.
In the background the fundamentals are improving - manufacturing data, bankserv transaction data, etc - so if they do dip nicely that would present a great opportunity to buy, imho. In short, take your profits and fall back :-)
Happy trading!
UC
Prices for all of them are now under their 5EMA which is under their 15EMA. In this weak sentiment environment I'm looking for them to give back another 5% or so before bargain hunters like myself can't resist the risk.
SBK target the R113-R115 area FSR target R48ish ABG target R116-R118 NED who knows and evenCPI looks ready to retrace to the R1450 area. Conversely stated, in the current environment the probability of these counters going up 5% is a LOT lower than them going down 5%.
In the background the fundamentals are improving - manufacturing data, bankserv transaction data, etc - so if they do dip nicely that would present a great opportunity to buy, imho. In short, take your profits and fall back :-)
Happy trading!
UC
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