Standard Bank Technical - Short (Sell)
The mighty head and shoulders pattern has made yet another appearance and this time I am looking to sell (short) STANDARD BANK GROUP LIMITED (SBK) at 16070c
Please take note that the pattern is not complete and it has to break the neckline and preferably close below the neckline before entering the trade. I am going to be a little more adventurous on this one and enter the trade as soon as the neckline is broken.
The pattern can be seen more clearly on a 4-hour time frame than on the daily as depicted on the graph above.
TRADE SUMMARY:
- ENTRY (Sell): 16070c
- STOP: 16500c
- TARGET PRICE 1: 15792c
- TARGET PRICE 2: 15400c
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Chart Source - Bloomberg
Read more notes by Barry HERE.
Barry Dumas | Trading Specialist at GT247.com
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