STANDARD BANK (SBK) 4-HOUR TIMEFRAME SHORT
In the spirit of load-shedding in South Africa, i decided to try out the dark theme. Without futher ado, let's start our analysis.
The price for this stock is forming a descending broadening pattern, and i expect it to continue to bounce against the pattern's support and resistance zones. The price for this stock is currently creeping towards a resistance level at the 19 650 mark, and it will be interesting to see if prices will break this zone or reject and continue lower. A possible target for a short position is the 18 280 level.
I would only open a small position, as this trade is likely to be against the prevailing trend, as the 200 moving average is currently below the price, signalling bullish bias. Well, so much for indicators!
The price for this stock is forming a descending broadening pattern, and i expect it to continue to bounce against the pattern's support and resistance zones. The price for this stock is currently creeping towards a resistance level at the 19 650 mark, and it will be interesting to see if prices will break this zone or reject and continue lower. A possible target for a short position is the 18 280 level.
I would only open a small position, as this trade is likely to be against the prevailing trend, as the 200 moving average is currently below the price, signalling bullish bias. Well, so much for indicators!
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