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Absabank

UPDATE: Absa Target reached at R181.95 what next?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 signal in my case. But we do have a DOWN gap (Breakaway gap) that has a 70% chance of closing based on history. However, we need some bullishness before we do anything.
JSE:ABGLong
by Timonrosso
Absa showing downside to R135.00 - SMC also appliedPATTERNS: 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 a Bearish Fair Value Gap has formed. This is where the 1st and 3rd candle does NOT overlap in price. The market now will want to rebalance and move up into the gap to fill the orders before it comes down. Hence, this is when the Right Shoulder will form. If the price goes back up it'll give a short term BUY SMC to R185.00 If the price continues down then the target will be R135.60. Regardless, the overall trend and bias is down in the medium term.
JSE:ABGShort
by Timonrosso