Associated British Foods. Critical level. ABF, British multinational food processing and retail company, a real powerhouse when it comes to house hold products.
Ovaltine, silver spoon, blue dragon, Kingsmill bread, Patak's curry, Twinings, Allinson and of course Primark - leading fast fashion brand with 384 stores across 13 countries.
Trading at an historically attractive PE ratio of 17 and during a recession ABF will not be impacted as much as other companies.
Taking the weekly TF into account price is sitting below the long term parallel channel however we have bullish divergence on the RSI and MFI.
Looks to have formed a bullish wedge. With a double bottom.
Currently flirting with the 10 SMA on weekly TF @ 1737.
Top of wedge lines up nice with the 200 MA, will be the area to see and flip short.
