NEDBANK GROUP LTDShort
Nedbank - Breakout from Bearish Pennant
South African banks are bearing the brunt of the economic impact of COVID-19 and lockdown.
Fundamentals:
Technicals:
A retest of the March lows is possible.
Target 1: 78.00
Target 2: 67.30
Stop Loss: 113.51
Our banks are robust and well-positioned to weather the current economic storm. Their price-to-book ratios are currently incredibly low and make for an attractive long-term play. The short-term outlook, however, is bleak.
Fundamentals:
- Prior & ongoing recession
- Weak ZAR
- Low interest rates (limited profitability)
- Decreased business activity
- Pervasive credit losses & impairments
Technicals:
- Breakout from bearish pennant
- Decreasing RSI (not oversold yet)
- Share price below 6SMA & 20SMA
- 6SMA crossed 20SMA to the downside
A retest of the March lows is possible.
Target 1: 78.00
Target 2: 67.30
Stop Loss: 113.51
Our banks are robust and well-positioned to weather the current economic storm. Their price-to-book ratios are currently incredibly low and make for an attractive long-term play. The short-term outlook, however, is bleak.
Declinazione di responsabilità
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.