$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.
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.