Head and Shoulders has formed on Absa Bank Group
It looks like after the rally, the price wants to come down a bit and retest some of the lows.
As the JSE is in a turbulent stage, anything can happen.
200>21>7
RSI<50
Target R155.68
Head and Shoulders formed on Absa.
We are seeing strong bearish signals since the price broke below the neckline.
200>21>7
RSI<50
Target R118.91
SMC: Buy Side Liquidity Order block is showing above the Right Shoulder. This is where Smart Money is sweeping Buying from long traders and stops from Shorters and are selling into the buys.
These tell me downside is...
Our momentum strategy is showing all of the signs for a long position on JSE:ABG . We are aiming for a target at the 221 level and a stop loss at the 191 level with a 1:2 risk reward ratio
Not the longest base but it seems like JSE:ABG has retested the recent breakout level & found support there. Not a bad place to add to the long position, if you have one.
