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.
Clause de non-responsabilité
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.