Absa Group has recently had a solid run, supported by a stronger South African Rand. Now we are seeing the share price run into short term horizontal and channel resistance levels, one that may halt it's advance. The RSI is the most overbought since February 2018 and recently traded above the 70 level while the stochastic indicator prints in a distribution zone. At current levels, traders could look to short/sell the share in anticipation of a move lower.
These are the trading levels:
Short/Sell ABG above 175.00
Stop-loss: R179.00 (or 2% trailing)
Take Profit Target: R163
These are the trading levels:
Short/Sell ABG above 175.00
Stop-loss: R179.00 (or 2% trailing)
Take Profit Target: R163