Short

ABSA - Bearish Engulfing off of Ascending Resistance

formed a bearish engulfing candlestick pattern on 1 September which is a top reversal signal. What makes the signal stronger is the fact that it it coincides with the resistance level from the current longer term up-trend.

The MACD, Stochastic and now the EMA's are also showing signs of downward momentum. I think we could possibly be looking at a move down towards the 13500 area before turning back up again.

RossLarter

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