$JSEABG - ABSA: Death Cross Triggers Bearish Outlook
The original analysis of Absa was on 09.03.2023 and i was cautious to bearish, link below.
The bearish outlook has now been triggered
1-Price has broken decisively below the support trendline.
2-We have a Death Cross, the 50EMA has crossed below the 200EMA on the daily chart. Many institutional investors see this as a major trend change signal.
3-The MACD has crossed below the zero-line.
Looking at the historical price action, it is hard to find key support levels and momentum looks to be on the downside in the short-term.
The bearish outlook has now been triggered
1-Price has broken decisively below the support trendline.
2-We have a Death Cross, the 50EMA has crossed below the 200EMA on the daily chart. Many institutional investors see this as a major trend change signal.
3-The MACD has crossed below the zero-line.
Looking at the historical price action, it is hard to find key support levels and momentum looks to be on the downside in the short-term.
