$JSEABG - ABSA: Heavy Resistance + Head & Shoulders = Bearish
See link below for previous analysis.
A look at the bigger picture of ABSA shows that the stock has a very strong resistance zone between 20371 to 21100cps.
The stock has tested this zone on three occasions giving what can be viewed as a Triple Top over 7 years.
Interestingly, the bull market from March 2020 has culminated in a textbook Head & Shoulders pattern which has recently been validated by a break below the neckline.
The traditional Head & Shoulder price target is around 9000cps.
*Price tends to fail in reaching the traditional approximation.
The trend is clearly bearish.
A look at the bigger picture of ABSA shows that the stock has a very strong resistance zone between 20371 to 21100cps.
The stock has tested this zone on three occasions giving what can be viewed as a Triple Top over 7 years.
Interestingly, the bull market from March 2020 has culminated in a textbook Head & Shoulders pattern which has recently been validated by a break below the neckline.
The traditional Head & Shoulder price target is around 9000cps.
*Price tends to fail in reaching the traditional approximation.
The trend is clearly bearish.
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