This Chart Has A Similar Pattern To Absa

Lester Davids
Jan 4
1 min read

Research Notes January 2026 > https://www.unum.capital/post/rjan2026

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During December 2025, Absa exceeded our long term target of R220, reaching a high of R240 by early January 2026.

The most recent significant chart pattern for Absa was the pennant format just below multi-year highs, which saw the share produce a multi-week advance from below R200 to above R240.

Now, a similar pattern is emerging on another JSE listed share.

Following a multi-year consolidation and several weeks of tight consolidation, we are stalking the price for a breakout.

The most recent highs were 2981c, 2919c and 2752c while we have also seen a series of higher lows.

The share has also developed a multi-year base since 2017 from which the price is now attempting to emerge.

So, what is the trigger?

A break and close above the upper boundary of the pennant and (for now) a weekly close above 2850c would be an early trigger of a bullish momentum thrust.

What could invalidate the thesis?