An extract from my research report for 25-29 January 2021
Nedbank Group (NED) | In addition to our ABG short/sell idea published last week, we also note it's peer NED breaking down from it's incline support and sideways consolidation range. This follows a short period of lower highs and sees the price losing it's 8 and 21-day EMA while daily RSI has shifted from neutral to weak. Here, traders could look to short any rebound and failure of the 8-day EMA, targeting the incline support extending back to March 2020 which for now comes in at R114 down to R111.
Nedbank Group (NED) | In addition to our ABG short/sell idea published last week, we also note it's peer NED breaking down from it's incline support and sideways consolidation range. This follows a short period of lower highs and sees the price losing it's 8 and 21-day EMA while daily RSI has shifted from neutral to weak. Here, traders could look to short any rebound and failure of the 8-day EMA, targeting the incline support extending back to March 2020 which for now comes in at R114 down to R111.