JSE:ABG ABSA Push into 2021
Banking stocks have been in recovery since the covid lows and there are a number of opportunities in the back up (BU) to the previous support become resistance levels going into 2021. ABSA has been in an accumulation range since the lows and broken out and backed up to the range. The BU has been weak showing some strength. We are now looking for a break of 12000 to go long to between 14000 and 16000. At this point, we will be looking for a potential short to test the covid lows.
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