Get started
RossLarter

ABSA - Bearish Engulfing off of Ascending Resistance

Short
ABSA GROUP LIMITED (JSE:ABG)  
RossLarter  
JSE:ABG   ABSA GROUP LIMITED
Trend Analysis Candlestick Analysis jse ALSI ZAR southafrica absa
2
0
trendanalysis candlestick jse alsi zar southafrica absa
ABG 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.
Trade directly from TradingView through Velocity Trade. Get started here: suretrading.tradedesk.co/TradingView

For more info about our training and mentorship visit www.suretrading.co.za
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.