See link below for previous analysis.
A look at the bigger picture of ABSA shows that the stock has a very strong resistance zone between 20371 to 21100cps.
The stock has tested this zone on three occasions giving what can be viewed as a Triple Top over 7 years.
Interestingly, the bull market from March 2020 has culminated in a textbook Head & Shoulders pattern...
Head and Shoulders has formed ont he dail since Early 2022...
The price broke below the neckline and has since then, been showing lower highs within the down channel,
We also have confirmed downside with the Moving Averages.
Price< 20 and <200
It looks bleak but the system is the system, so the first target is set to R76.08
Head and Shoulders has formed on Absa Bank since 28 December 2021.
Major downside to come if the price stays below the brim level.
Price< 20 and <200 and the background has turned red.
Target R76.08
Inv Rev Cup and Handle formed on the daily chart.
Absa has been coming down on a strong trajectory, despite the upside in the US.
Technically, we have a strong likelihood that the price will continue down.
Price< 20 and <200
Target R127.02
ABSA (ABG) is one of the largest banking groups operating in Africa. It has well-established branches in 12 African countries and representative offices in at least 6 more. It offers a range of products for personal and business banking, credit cards, insurance, and asset management.
Obviously, as one of the "big five" banks, ABSA has been impacted by the...
A price action above 1.3440 supports a bullish trend direction, whereby ABG is likely to outperform INL.
Further bullish confirmation for a break above 1.3825.
The target price is set at 1.5375 (its 23.6% Fibonacci retracement level).
The stop-loss price is set at 1.2660.
The trade idea is regarded as a counter-trend strategy and remains risky.
My goal is to identify and convey the most relevant information that will lead to actionable opportunities. While I do publish the Tactical Trading Guide, there are times when a reading is worth highlighting due to the significance of the opportunity at hand. On 11 December, the reading for Absa Group pointed to a potential buy, with all three time frames being in...
Absa is now in a failed daily cycle, price therefore is seeking a weekly low price in lower highs and lower lows formation. Currently price is due a weak bounce before continuing further downside. Curious is whether price will go lower than 8 May low, I place this at higher probability as price also pursues a yearly low price. We can look at the median line of the...
ABSA (ABG) is one of the largest banking groups operating in Africa. It has well-established branches in 12 African countries and representative offices in at least 6 more. It offers a range of products for personal and business banking, credit cards, insurance, and asset management. Obviously, as one of the "big five" banks, ABSA has been impacted by the...
Absa lost the support that sustained price from the COVID lows, now price is attempting to recover that line. At the same time we are expecting price to seek or confirm a yearly low, usually this happens when we have a failed weekly cycle, this has not happened so far. If price is rejected at re-entry attempt we can expect a swift move down to lower than...
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
ABG - S/Term: High Bullish Momentum, Approaching Overbought
A chart from today's report. To obtain the full detail of the slide, get in touch today.
Automated Comment: "Aggressive buying however, do not chase. Look for overshoot and failure
to hold prior session range highs to short/sell back to the 8-EMA."
According to our momentum strategy, JSE:ABG long position has triggered with today's price action. It has retraced a bit throughout the day, but it should continue in an upward direction with this momentum.
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...
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...
ABG presents an interesting proposition, it last had a yearly cycle low in March 2020, current cycle is more than 1050 days, the longest on record. However there has not been a failed weekly cycle to cement a yearly low. Price has made an ascending triangle since March 2020. Bulls would be buying at support. We can watch for the following:
- A break of support...
ABG is late in its cycle and is due for a weekly low. The share is up against resistance formed from the top formed on 22 November 2022 & just above is horizontal resistance formed around all-time high levels. The expectation is for the symmetrical triangle to break to the downside with short-term profit target 10-13%.
