The ALSH is balanced fairly precariously - and if you consider, it is currently trading at levels made back in April 2007. You cannot possibly feel satisfied being square after 3 years of fairly gut wrenching ups and downs. That is, if you had the nerve to stay in the market through 2008 (which I doubt). The "band of [french] resistance" should contain any further advances and "ondertoe is ons voorland" (Afrikaans for any international readers...)
Edit: Mind you if we had to get some perfect symmetry to the previous "making of a high" in 2008 - we could advance to slightly higher than the 15 April 2010 high of 29565 and briefly peek into the 30k's - then perform a "U-turn" or should I say a "n -turn" and head much lower. This would quite beautifully mirror the triple top formation of 2008 AND would prove conclusively that trading is an art form...
A look at ABSA which is is a share I am negative on - including other banking shares - but simply picked on for the sake of this post with no prejudice to other banking shares intended.
ASA is descending in 5 waves down indicating a trend change. We could have a counter trend rally soon once if breaks out of the descending wedge which typically occurs in ABC fashion. This could coincide with the EUR making a strong comeback against the USD short term to relieve its heavily oversold status.
By the way I am personally in the process of switching to Capitec Bank - what an absolute pleasure!!!! Being paid enough interest to cover banking fees (which are ridiculously low) is quite a novel concept. Check out these interest rates.... and you are not switching? ---- WHY?
Capitec Daily Savings Account
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| R0 – R10 000 | 7.00% | ||
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| R10 000 – R25 000 | 5.75% | ||
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| R25 000 – R100 000 | 5.75% | ||
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| R100 000 + | 5.75% | ||
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| Monthly administration fee | 4.50 | ||
