FIRSTRAND LTDLong
FIRST RAND (FSR) POTENTIAL LONG (FNB)
The price of this big bank stock is nearing two important areas, an upward trendline and a 200-day exponential moving average. If prices find support at any of these supports, we could see a rally towards the ceiling of the overall channel.
Buy: If price finds support on the ascending trendline, or if price finds support on the 200-day exponential moving average (EMA).
The trade will be invalidated if prices break well below either the 200 EMA or the trendline. It is important to note that the market is somehow bearish on the short term and bullish on the long term, therefore, long positions should be entered only after the prices shows bullish momentum. A safer trade would be to wait for an upward break of the correction flag/pattern before entering long
Buy: If price finds support on the ascending trendline, or if price finds support on the 200-day exponential moving average (EMA).
The trade will be invalidated if prices break well below either the 200 EMA or the trendline. It is important to note that the market is somehow bearish on the short term and bullish on the long term, therefore, long positions should be entered only after the prices shows bullish momentum. A safer trade would be to wait for an upward break of the correction flag/pattern before entering long
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