Absa holds previous resistance as supportThe stock broke out from the cup and handle pattern. It did come back in the last couple of weeks, but it held what was resistance as support. Ending the week slightly above the 200 week EMA.
The stock held the previous resistance level as support and held the 50day EMA as support as well
ABG trade ideas
Higher lows and higher highs on AbsaThe stock looked good despite the sell off after some relatively underwhelming results last week. The stock is currently testing the 12200c support for the second time after breaking into the 12200c - 14800c box. I’m after for a close above 13450c because that would invalidate the double top formatting. I’m also waiting for the 30w EMA to cross the 60w EMA, and pretty close. If the stock closes above the 13450c and hold the 12200 support that would mean another higher low
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JSE:ABG ABSA Markup The signs of strength (SoS) shown in December - see posts below - has taken some time but is now playing out. We are now looking for the markup back to previous support that should be resistance. The backup attempt after the breakout was shallow and shows strength. This week should see some action in financial stocks.