Technical Perspective: JSE Banks Index - Levels of InterestTechnical Perspective: JSE Banks
This past week, buying in the sector has been aggressive and I'm not recommending a short here, but it's important to note the current technical level as a potential 'short term pause' before a next leg higher. From a technical perspective, my preference (for ultra short term traders) is to look for re-entries on a retracement, potentially back to or near the most recent breakout level. For medium term traders, I've expanded the chart going back to 2017 in order to note the price approaching the prior support and breakdown level. The group is now +85% off it's March 2020 lows.
Last Friday on this platform (and this past Monday in my research report) I flagged JSE:ABG which has had a massive week. For short term traders, time to take SOME profit and redeploy (or enjoy :))
