Standard bank encountering strong resistance at the R177 level.

١٩ ديسمبر ٢٠١٨

After gapping down on the 6th of December, Standard bank has been rather range bound between R166.00 and R177.00. We seem to have encountered horizontal resistance again at the R176.50 - R177.00 level for the 3rd time and the market has started to reverse. Look for a move back down to prior levels of R169.00, R167.50 and R166.00