Key support between 2227p-2234p

Taking a look at Associated British Foods as its stock retracement prolongs. Currently, its share price sits around 2256p a share. Looking at the daily chart, we can see that since January of 2023, the 200-day moving average has been acting as a key pivot point here. With clear support provided by the moving average, this is highlighted by the white ovals on the chart. The stock reached a high of 2485 back in December of 2023, what seemed like profit-taking at the time, has now turned into a bearish trend. This is visible when looking at the descending triangle as we can see that the descending trendline of the triangle is showing its resilience, or in other words, resistance for investors. Resistance now sits around 2290p. A move about it would also mean a move above the trendline, if a close above arises, this could indicate that perhaps the stock may resume its longer-term bullish trend. The first line of support is the base of 2227p-2234p. A break and close below it would increase the likelihood of a sell-off towards that 200MA support. Looking at the technical indicators, the bias sways towards the negative side. The MACD looks like it will turn negative and the RSI is slipping as it reads 40.