Big 4 SA Banks - 1W Channel Breaks

14 thg 11, 2021

I would have thought that bearishness in the SA banking sector is a thing of the past, with earnings showing bank balance sheets & prospects to be more robust than feared in the Covid sell-off. However their consistent grind higher since call it Jun/Jul last year looks to have stalled, with the Big 4:

- Showing channel breaks on their 1W charts,
- All trading in the no mans land between 15 EMA & 200 DMA,
- Negative momentum (RSI,MACD)
- Strong $ / weakening ZAR not positive for their outlook

Never thought I'd say it so soon into the recovery but, in a short term time frame, time to short SA banks? Or, if you have time to sit it out and an appetite for drawdowns, a good buying opportunity here?

Not shown is 1W the Capitec chart - with a few spinning tops that one could go also either way IMHO

FSR SBK NED ABG CPI