JSE:ABG seems to be bouncing off of a support level at the moment as well as having broken through a descending resistance. We could be looking at a long move if it confirms.
We may derive the following from the Weekly ABG chart:
1. Price is at a major support level.
2. A bid is most likely to occur and buyers may step in.
3. However, a break of the trend is also possible. I would monitor price action and watch for shorting potential.
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial...
Absa seems to have completed a flat correction with a clear ABC structure.
A break above the declining trendline could open up a move towards 20000.
An entry will be confirmed by a small correction after the initial impulse (retest)
JSE:ABG has broken through a descending resistance and has confirmed the break with yesterday's action. If it breaks through the fractal from the 12th of July's candle, it could mean an upward move.
ZAR is strengthening, global stocks are high, tracking the positivity out of the Trump-Xi meeting at the G20; and we have bullish bull flag on the Absa Daily chart.
I’m still monitoring for levels, but I’m anticipating a break to the upside.
JSE:ABG has broken out of the sideways consolidation that it has been trading in. It has also broken through a fractal and is looking good for a long position.
JSE:ABG has broken out of the symmetrical triangle pattern that had formed.
Today it seems to be retracing a bit and you might find that it will bounce off the resistance before continuing downwards.
Depending on your risk appetite, you can enter a short right away or wait for a retracement and bounce before entering.
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...
Strong Rand over the last 2 trading sessions helping push banking stocks.
ABG is attempting to break to the upside of a falling wedge pattern.
We might see a re-test of 2019 highs above R188.
Absa Group Limited, formerly Barclays Africa Group Limited, is a diversified financial services provider offering an integrated set of products and services across personal and business banking, credit cards, corporate and investment banking, wealth and investment management and insurance. The Company's segments include Retail and Business Banking (RBB), which includes Retail Banking South Africa, Business Banking South Africa and RBB Rest of Africa; Corporate and Investment Bank (CIB), which includes CIB South Africa and CIB Rest of Africa, and Wealth, Investment Management and Insurance (WIMI).The Retail Banking South Africa offers a suite of retail banking products and services to individuals and provides asset finance to commercial customers. The Business Banking South Africa operates a coverage model based on specific customer value propositions aligned to customer and client needs and range from direct interactions via multi-channel interfaces, such as electronic banking.
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ABG
