ABSA scenario price movement Yellow line scenario 1 Price is looking to move higher neglecting the tested price whuch are close and cleared Blue line Scenario 2 The price would look theretest the cleared levels before heading up to its highest price by SMR_Analytics0
$JSEABG - ABSA: Heavy Resistance + Head & Shoulders = BearishSee link below for previous analysis. A look at the bigger picture of ABSA shows that the stock has a very strong resistance zone between 20371 to 21100cps. The stock has tested this zone on three occasions giving what can be viewed as a Triple Top over 7 years. Interestingly, the bull market from March 2020 has culminated in a textbook Head & Shoulders pattern which has recently been validated by a break below the neckline. The traditional Head & Shoulder price target is around 9000cps. *Price tends to fail in reaching the traditional approximation. The trend is clearly bearish. Shortby Loyiso_BlaqueSoros_Mpeta0
ABSA showing major downside to come to R76.08Head 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 R76.08Shortby Timonrosso0
MASSIVE Head and SHoulders on Absa Bank Target R76.08Head 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 R76.08Shortby Timonrosso0
Inv Rev Cup and Handle on Absa target to R127.02Inv 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 R127.02Shortby Timonrosso0
Our opinion on the current state of ABGABSA (ABG) is one of the largest banking groups operating in Africa. It has well-established branches in 12 African countries and representative offices in at least 6 more. It offers a range of products for personal and business banking, credit cards, insurance, and asset management. Obviously, as one of the "big five" banks, ABSA has been impacted by the recession in South Africa and the generally low consumer spending in the economy. The company announced a joint venture with Patrice Motsepe's African Rainbow Energy to launch a R6,5bn renewable energy fund. ABSA is certainly a blue-chip share and is worthy of your attention. The separation from Barclays is now complete. On 31st March 2023, the company announced a BBBEE transaction that will take its Black ownership to more than 25%. In its results for the year to 31st December 2023, the company reported headline earnings per share (HEPS) up 0,6% and total income up 8,1%. The company's net asset value (NAV) increased by 7,3% to 16828c per share. Return on equity (EOQ) was 15,3% unchanged from the previous year. Technically, the share made a low in March 2020 and then moved sideways for the next six months before beginning a new upward trend which is continuing. We are generally very positive about the potential of banking shares on the JSE. On a P:E of 6,54 and a dividend yield (DY) of 6,92, ABSA looks cheap to us.by PDSnetSA0
Pair trade: ABG to outperform INL?A price action above 1.3440 supports a bullish trend direction, whereby ABG is likely to outperform INL. Further bullish confirmation for a break above 1.3825. The target price is set at 1.5375 (its 23.6% Fibonacci retracement level). The stop-loss price is set at 1.2660. The trade idea is regarded as a counter-trend strategy and remains risky.Longby Peet_Serfontein0
ABGMy goal is to identify and convey the most relevant information that will lead to actionable opportunities. While I do publish the Tactical Trading Guide, there are times when a reading is worth highlighting due to the significance of the opportunity at hand. On 11 December, the reading for Absa Group pointed to a potential buy, with all three time frames being in favour of a near term rebound. The readings at the time is on the chart. We have since seen the share find a base and on Friday, print a massive candle which may be reflecting strong buying interest.Longby techpers1
Absa Begins Descent into Weekly LowAbsa is now in a failed daily cycle, price therefore is seeking a weekly low price in lower highs and lower lows formation. Currently price is due a weak bounce before continuing further downside. Curious is whether price will go lower than 8 May low, I place this at higher probability as price also pursues a yearly low price. We can look at the median line of the Pitchfork and/or the trendline support.Shortby runyamhereUpdated 0
Our opinion on the current state of ABGABSA (ABG) is one of the largest banking groups operating in Africa. It has well-established branches in 12 African countries and representative offices in at least 6 more. It offers a range of products for personal and business banking, credit cards, insurance, and asset management. Obviously, as one of the "big five" banks, ABSA has been impacted by the recession in South Africa and the generally low consumer spending in the economy. The company announced a joint venture with Patrice Motsepe's African Rainbow Energy to launch a R6,5bn renewable energy fund. ABSA is certainly a blue-chip share and is worthy of your attention. The separation from Barclays is now complete. On 31st March 2023 the company announced a BBBEE transaction that will take its Black ownership to more than 25%. In its results for the six months to 30th June 2023 the company reported total income up 12,8% and headline earnings per share (HEPS) up 2,7%. The company's net asset value (NAV) increased 9,2% to 16352c per share. The company said, "The Group’s net interest margin on average interest-bearing assets improved to 4.61% from 4.54%, reflecting higher policy rates. Gross loans and advances grew 8% to R1 300bn, while deposits rose 9% to R1 324bn". The company had to increase its bad debt provision by 68% to accommodate the difficulties which its clients are now having to contend with. The rest-of-Africa operations doubled its profit rescuing the company from the effects of a bad situation in South Africa. The results were relatively disappointing. In a voluntary update for the year to 31st December 2023 the company reported, "...our credit loss ratio is expected to exceed our through-the- cycle target range of 75 to 100 basis points. We expect high single digit growth in operating expenses, resulting in a slightly higher cost-to- income ratio than 2022's 51.2%. We expect to generate a RoE somewhat lower than 2022's 16.4%, but above the Group cost of equity of 14.5%." Technically, the share made a low in March 2020 and then moved sideways for the next six months before beginning a new upward trend which is continuing. We are generally very positive about the potential of banking shares on the JSE. On a P:E of 6,5 and a dividend yield (DY) of 6,69, ABSA looks cheap to us. by PDSnetSA1
Absa: The Longer-Term ViewAbsa lost the support that sustained price from the COVID lows, now price is attempting to recover that line. At the same time we are expecting price to seek or confirm a yearly low, usually this happens when we have a failed weekly cycle, this has not happened so far. If price is rejected at re-entry attempt we can expect a swift move down to lower than R150.70. On the other hand we would know the yearly low is confirmed if price closes above the declining resistance on a monthly basis or when we have reasonable confirmation a a likely close above that line. What gives the bearish thesis a higher probability is the RSI & TSI are showing negative divergence.by runyamhere0
Absa Bank Group retracement since the rallyHead and Shoulders has formed on Absa Bank Group It looks like after the rally, the price wants to come down a bit and retest some of the lows. As the JSE is in a turbulent stage, anything can happen. 200>21>7 RSI<50 Target R155.68Shortby Timonrosso2
ABSA Small Inverted H&S seen here? Looking for R165 ? ABSA Small Inverted H&S seen here? Looking for R165 if the head plays out. Lets see.by hitchcoxgUpdated 1
ABG - S/Term: High Bullish Momentum, Approaching OverboughtABG - S/Term: High Bullish Momentum, Approaching Overbought A chart from today's report. To obtain the full detail of the slide, get in touch today. Automated Comment: "Aggressive buying however, do not chase. Look for overshoot and failure to hold prior session range highs to short/sell back to the 8-EMA." by techpers0
ABSA Long triggeredAccording to our momentum strategy, JSE:ABG long position has triggered with today's price action. It has retraced a bit throughout the day, but it should continue in an upward direction with this momentum. Longby RossLarter0
$JSEABG - ABSA: Death Cross Triggers Bearish Outlook The original analysis of Absa was on 09.03.2023 and i was cautious to bearish, link below. The bearish outlook has now been triggered 1-Price has broken decisively below the support trendline. 2-We have a Death Cross, the 50EMA has crossed below the 200EMA on the daily chart. Many institutional investors see this as a major trend change signal. 3-The MACD has crossed below the zero-line. Looking at the historical price action, it is hard to find key support levels and momentum looks to be on the downside in the short-term. Shortby Loyiso_BlaqueSoros_Mpeta0
Absa showing strong downside to come to R118.91 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 to come for the bank. Shortby Timonrosso2
ABSA Group: The Bear vs Bull CaseABG presents an interesting proposition, it last had a yearly cycle low in March 2020, current cycle is more than 1050 days, the longest on record. However there has not been a failed weekly cycle to cement a yearly low. Price has made an ascending triangle since March 2020. Bulls would be buying at support. We can watch for the following: - A break of support that would trigger many stop losses going lower than R150.02 (weekly low) - A swing high that forms below the black line then back to support & lower than R167.34 Given time, a close above black line would be a trigger long, a new weekly low would be confirmed above the pink resistance line which is also the resistance formed at yearly chart cycle. For now we can watch the lower time frames nibbling some 10-14%.by runyamhere0
ABSA Bank Potential ReversalABG is late in its cycle and is due for a weekly low. The share is up against resistance formed from the top formed on 22 November 2022 & just above is horizontal resistance formed around all-time high levels. The expectation is for the symmetrical triangle to break to the downside with short-term profit target 10-13%.Shortby runyamhereUpdated 1
ABG weekly trendline line holdsABG found support off both its weekly uptrend line and horizontal support at the R171.50 level. if this level holds we can look to test the upper resistance trendline going forwardLongby T2TWELL0
Absa showing downside to R135.00 - SMC also appliedPATTERNS: 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 a Bearish Fair Value Gap has formed. This is where the 1st and 3rd candle does NOT overlap in price. The market now will want to rebalance and move up into the gap to fill the orders before it comes down. Hence, this is when the Right Shoulder will form. If the price goes back up it'll give a short term BUY SMC to R185.00 If the price continues down then the target will be R135.60. Regardless, the overall trend and bias is down in the medium term. Shortby Timonrosso2
ABSA - At the bottom of the rangeABG has fallen quite hard and is currently trading at the bottom of the range of the blue parallel channel (175 ish..) Needs to reclaim 182 to get going again but a close below 172 could negate this move. Longby Trad3r_161
$JSEABG - ABSA: Potential Double TopABSA has had a strong run from the March 2020 low. In November 2022, price tagged the all time high price at 21000 and has retraced since. The rally from 6330 is well supported by the trendline but momentum shows a concerning pattern. The MACD has made a lower high relative to the high of March 2018 giving bearish divergence. This is not to say the share will go through a bear correction but it is a sign to be cautious.by Loyiso_BlaqueSoros_Mpeta220