Get started

Jseabg

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
JSE:ABG Absa Bank Ready for a Markup?Absa Bank is looking strong even as the Rand and the JSE are looking weaker. Absa's pears in the Banking Sector are also looking weaker. Absa's relative strength to the Banking Sector is improving. There are a number of indications that Absa is going to buck the trend. The location in the accumulation structure is at a good place to go long. We have seen an accumulation trading range (TR) with a Selling Climax (SC), Automatic Rally (AR), Secondary Test (ST), A Spring, Last Point of Support (LPS) and now a Backup (BU) to the TR. An upward channel has formed and it is now testing the lower trend line which is also the 50 MA and the Yearly Pivot Point. Further, there is a negative divergence with the volume RSI which is a good continuation signal. Volume is increasing on up moves and decreasing on down moves. We need to watch how it reacts this week to the lower trend line and top of the TR to confirm if we are going to get a markup.
JSE:ABGLong
by SteynTrade
2