ABSA GROUP LIMITEDLargo
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
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
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.