Short

Absa Begins Descent into Weekly Low

Updated

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 Pitchfork and/or the trendline support.

Note

Absa has had a double top rejected at the 200DMA, we can expect this swing high to be the high of the cycle as price goes down.

Trade closed manually

runyamhere

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