Absa Group - approaching a bullish break towards R 200.00Absa Group showing positive momentum after testing the R 140.00 support followed by consolidation around the R 160.00.. This reaffirms a move towards R 200.00 over the medium term.. Look to accumulate around the R 170.00- R 172.00 levels. Longby Logaro1Updated 3
Absa Group: Resistance Levels May Halt AdvanceAbsa Group has recently had a solid run, supported by a stronger South African Rand. Now we are seeing the share price run into short term horizontal and channel resistance levels, one that may halt it's advance. The RSI is the most overbought since February 2018 and recently traded above the 70 level while the stochastic indicator prints in a distribution zone. At current levels, traders could look to short/sell the share in anticipation of a move lower. These are the trading levels: Short/Sell ABG above 175.00 Stop-loss: R179.00 (or 2% trailing) Take Profit Target: R163 Shortby LD_Perspectives6
Absa Group - Momentum WaningInteresting candle today on Absa Group (R169.56), potential short setup? - Momentum waning - Price at swing high - Price nearing channel resistanceShortby LD_Perspectives2
ABG - Bullish EngulfingWe have entered a long position on JSE:ABG because of a bullish ngulfing pattern tht has formed. Although there is not much history on this instrument, it is also at a support level which solidifies the signal.Longby RossLarterUpdated 4
Looking for a bounce on ABGJSE:ABG has been trading in a channel between R170 and R146.50. It is currently heading to the support zone at the bottom of the channel, and we expect a bounce and a move upwards towards the top of the channel. The stochastic is confirming this as it heads to oversold territory with the expectation of turning up. Longby RossLarter3