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%.
ABG found support off both its weekly uptrend line and horizontal support at the R171.50 level. if this level holds we can look to test the upper resistance trendline going forward
PATTERNS: Absa is forming one of the two Either an Reverse Inverse Cup and Handle . Now price is broken below the handle, the chance is that it'll head to R135.60. Or it's forming a head and shoulders where the Right Shoulder is now ready to form (upside) then downside to the target. 21>7 - Bearish Price<200 Bearish RSI<40 - Bearish SMC: We can see...
ABG has fallen quite hard and is currently trading at the bottom of the range of the blue parallel channel (175 ish..) Needs to reclaim 182 to get going again but a close below 172 could negate this move.
ABSA has had a strong run from the March 2020 low. In November 2022, price tagged the all time high price at 21000 and has retraced since. The rally from 6330 is well supported by the trendline but momentum shows a concerning pattern. The MACD has made a lower high relative to the high of March 2018 giving bearish divergence. This is not to say the share will go...
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
On the 1st of Feb the price on JSE:ABG broke out of the ascending triangle it has been trading in. It has since retreated and gone back into the triangle. It seems as though it is currently retesting the levels at the apex of the triangle. If it breaks through the triangle again, I believe we will be in for a nice long position. The target would be around the 227 level.
The stock has been holding support on the 50 day EMA. Continuation of the trade we low on this The breakout provides a nice 3:1 R:R to a R232 target with R169 stop loss
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.
Absa is trading in a well defined channel (upwards) and is further enhanced by by upward moving MA's. I would look to simply trade the range until we have a significant breakout of the channel - either way.
JSE:ABG went past the pivot point; the stock is currently within 5% of the pivot point. To chase or not to chase.
Absa bullish play broke out of the R193 resistance this move may push the stock higher to R220 and R250 respectively
Banks had a positive day today. JSE:ABG managed to break above R190.
CHALLENGE TRADE IDEA: TAKE PROFIT: R161.91 REASON: Bearish Symmetrical Triangle, Price has tested the resistance and has failed. With inflation coming out today, my cards are on higher inflation which will lead to higher interest rates and a fall in banks and other markets. What are your thoughts?
A bearish engulfing candle formed on JSE:ABG on Friday. With this morning's price action, we have been triggered into a short position. The stochastic and MACD are also confirming this move.
On the previous post we noted the hammer candle that had printed on the 200 day moving average - Price has since broken below and is likely to keep with the short term trend down - Next decent support is around R140-R144 -- MANAGE YOUR RISK - - Disclaimer: All ideas are my opinion and should not be taken as financial advice. If you would like me to have a...
Confluence of support giving on on ABSA. I'm calling it 125-130 from here.