Investec setting up a short opportunity? $JSEINL
Investec Ltd has retraced back up to it's 89/100 day moving averages which previously provided resistance in November last year. We have seen price consolidate under these moving averages after having retraced 61.8% of the move from its most recent swing highs and lows. RSI indicator is starting to form some divergence and turning lower. Looks to me like we should at least get a retest of the most recent lows between R76 - R78.00. I would be looking to short between R87 and R89, using a stop loss as a convincing close above R89.00 (more conservative could use R92- 200 day ma) as a stop.
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