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
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.