$JSEABG - ABSA: Potential Double Top
ABSA has had a strong run from the March 2020 low.
In November 2022, price tagged the all time high price at 21000 and has retraced since.
The rally from 6330 is well supported by the trendline but momentum shows a concerning pattern.
The MACD has made a lower high relative to the high of March 2018 giving bearish divergence.
This is not to say the share will go through a bear correction but it is a sign to be cautious.
In November 2022, price tagged the all time high price at 21000 and has retraced since.
The rally from 6330 is well supported by the trendline but momentum shows a concerning pattern.
The MACD has made a lower high relative to the high of March 2018 giving bearish divergence.
This is not to say the share will go through a bear correction but it is a sign to be cautious.
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