Looking at the local market this morning as the financials come into focus with a depreciating Rand (ZAR) and the budget speech scheduled later the week.
Investec Limited (INL) seems to have broken its downward momentum and formed a cup and handle technical pattern which signifies a trend reversal. The short-term target higher will be 9628c per share which coincides with the November highs. Investec’s investment into South African renewable energy projects might give momentum to the stock in the long term.
Here is the trade summary and technical chart:
Investec Limited (INL)
- Entry (Buy): 9027c
- Stop loss: 8320c
- Target price1: 9628c
Source – Bloomberg
- Take note: With all the turmoil on our local markets I would tread with caution as the outlook can change within an instant.
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