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ABSA GROUP LIMITEDABSA GROUP LIMITEDABSA GROUP LIMITED

ABSA GROUP LIMITED

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ABG trade ideas

A Trade Idea On Absa (ABG)This morning at 11:30am, Statistics SA released our Second Quarter GDP figures, showing growth of 3.1% (QoQ) versus forecasts of 2.4% and a previous reading of -3.2%. As a proxy for GDP banking shares set up well for a bullish reversal. This afternoon I am looking at Absa as a short term buying opportunity. Key Technical Drivers: - Developing a double bottom - RSI trending higher, attempting to break above the bullish 50 zone - Money Flow Index forming a positive, upward trend - Clearing shorter term upward trending moving averages Trading Plan: Buy ABG at current levels, R154.01 (or better) Use a stop-loss of R149.70 to protect capital Take profit at or near R161.50
JSE:ABGLong
by LD_Perspectives
ABG - a high probability trade setup busy unfoldingA conflux of technical indicators supporting a bullish bias. The blue line on the main chart is the lower two standard deviation range. Increasing probability for mean reversion. Breaking its 8-day simple moving average. First signal in the last 21 days. Breaking its 21-day simple moving average. First signal in the last 19 days. MACD bullish crossover. First signal in the last 36 days. Heikin-Ashi bullish trend. Breaking up through its linear trend. First signal in the last 21 days. Retracting from RSI oversold territory, which highlighted an overextended price action to the downside. Stronger USDZAR might assist the price action. Time to exit: +/- 4 September 2019
JSE:ABGLong
by Peet_Serfontein
JSE:ABG Absa Bank Ready for a Markup?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 accumulation trading range (TR) with a Selling Climax (SC), Automatic Rally (AR), Secondary Test (ST), A Spring, Last Point of Support (LPS) and now a Backup (BU) to the TR. An upward channel has formed and it is now testing the lower trend line which is also the 50 MA and the Yearly Pivot Point. Further, there is a negative divergence with the volume RSI which is a good continuation signal. Volume is increasing on up moves and decreasing on down moves. We need to watch how it reacts this week to the lower trend line and top of the TR to confirm if we are going to get a markup.
JSE:ABGLong
by SteynTrade
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