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
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