ABG presents an interesting proposition, it last had a yearly cycle low in March 2020, current cycle is more than 1050 days, the longest on record. However there has not been a failed weekly cycle to cement a yearly low. Price has made an ascending triangle since March 2020. Bulls would be buying at support. We can watch for the following:
- A break of support that would trigger many stop losses going lower than R150.02 (weekly low)
- A swing high that forms below the black line then back to support & lower than R167.34
Given time, a close above black line would be a trigger long, a new weekly low would be confirmed above the pink resistance line which is also the resistance formed at yearly chart cycle. For now we can watch the lower time frames nibbling some 10-14%.
- A break of support that would trigger many stop losses going lower than R150.02 (weekly low)
- A swing high that forms below the black line then back to support & lower than R167.34
Given time, a close above black line would be a trigger long, a new weekly low would be confirmed above the pink resistance line which is also the resistance formed at yearly chart cycle. For now we can watch the lower time frames nibbling some 10-14%.