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 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...
