SBK Corrective Structure - Effort To Break

Standard Bank Group Ltd. is the ultimate holding company for the group’s interests and is a leading African financial services group with South African roots. The group is South Africa’s largest banking group by assets and currently operates in 20 countries in sub-Saharan Africa. Their strategic position enables them to connect Africa to other selected emerging markets and pools of capital in developed markets.

Technicals


Weekly: A predominant uptrend on SBK has been evident for a few decades now although there have been a few significant pullbacks. The current structure formation leads me to believe that we are in a large correction at this point in time. I expect some recovery soon and then will be looking for wave 3 of the correction to the downside. I expect this wave to complete on the support of the underlying trend where I will be looking for a reversal to enter the long.



Daily: There has been a break of the downward trendline but I am not convinced of the reversal as yet. I will wait for a confirmation structure on a smaller time frame before entering the long for wave 2 on the weekly time frame.