History Often Repeats Itself. Down First, Then Up
Established in 2001, Capitec has become South Africa’s fastest growing bank, and today has more than 7.3 million clients, 720 branches and over 11 000 employees. With shares listed for sale on the Johannesburg Stock Exchange (JSE) in 2002, the bank is renowned for its affordability and simplified model of banking, which has received superb buy in from clients of all income levels. Capitec already commands more than 20% of South Africa’s banking market share and has a market cap of almost R70 billion.
Technicals
I am expecting a repeat of the previous formation. All to often, support and resistance traders get caught buying when the highs break and selling when the lows break, only to watch the price turn and run against them. History often repeats itself and if you have a careful look at these two areas on the chart, you will see a lot of similarities.
The structure that will form here is likely to break to the upside eventually but I expect a reversal soon for wave 3 before more upside will come.
Technicals
I am expecting a repeat of the previous formation. All to often, support and resistance traders get caught buying when the highs break and selling when the lows break, only to watch the price turn and run against them. History often repeats itself and if you have a careful look at these two areas on the chart, you will see a lot of similarities.
The structure that will form here is likely to break to the upside eventually but I expect a reversal soon for wave 3 before more upside will come.
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