Ok so I am taking this analysis with a pinch of salt. The JSE Top 40 is showing major upside to come. And yet the Banking sector is showing conflicting signals. I mean we have an Inv Cup and Handle. We have a strong downtrend (safety line) - confirmed We have price<20 and 200MA - Making it a high probability short. Everything about the system is saying...
Cup and Handle formed on Absa, broke up and out of it. On 12 June I said it was imminent for a breakout to the upside, but I had NO clue how fast this thing was going to rally. And it was only a Medium Probability Trade Price>20 Price<200 Now that the price has shot up, it obviously is silly to just buy and go long without waiting for a trend confirmation...
Cup and Handle seems to be forming on Absa. There was little supply (selling) which caused a major push up on the bank stock. Banks have lagged many of the leading markets, and so hopefully they play catch up once the JSE TOp 40 picks up yet again. RIght now it's in Medium Probability territory. MPT Price>20 Price<200 Target R181.95
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
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
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.
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...
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...
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.
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.
JSE:ABG went past the pivot point; the stock is currently within 5% of the pivot point. To chase or not to chase.
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.
JSE:ABG is at an area of value. It can go either way, if there are banks buyers, JSE:ABG might move up. Otherwise, if the sellers are strong they can push the price lower. No position at the moment, and JSE:STXFIN doesn't look healthy.