First Rand made a lovely pin bar reversal off support on Monday and subsequently followed through today. I like this one as a long here with a stop below R60.00 and a target back to the 50% fib of recent high and low which also coincides with its yearly pivot point (=- R67.00). Also note bullish divergence where RSI is making higher lows even though price made...
JSE:FSR has triggered a long position using our momentum strategy. Target is around the 67 resistance level.
We are looking for a small downward move on JSE:FSR based off of the formation of a bearish engulfing candle on Friday. The short has been triggered and the target is at the R62 level.
A Bullish Harami has formed on JSE:FSR which is a bottom reversal signal. It has triggered our long position and we have a target at around the 64.40 level. There is however, a gap that needs to be closed at around the 61 level. Be aware of this, as it may close the gap and come down instead of continuing upward.
Nice breakout on JSE:FSR . Potential resistance near R71. From my view, the juice isn't worth the squeeze, there are better setups in other bank stocks, unless you trade in a smaller time frame.
JSE:FSR broke through a support trend line late November which it has since tested again and it seems to have become a resistance level. If it continues downwards and the MACD crosses downwards as well, I think we could see a short move down towards the 5200 price area. I will wait for confirmation before entering.
I would have thought that bearishness in the SA banking sector is a thing of the past, with earnings showing bank balance sheets & prospects to be more robust than feared in the Covid sell-off. However their consistent grind higher since call it Jun/Jul last year looks to have stalled, with the Big 4: - Showing channel breaks on their 1W charts, - All trading in...
JSE:FSR has recently bounced off a strong upward trend line. Based off of this as well as the momentum indicators which are all showing upward momentum, I think we could potentially see a nice upward move towards the resistance level at around 7000
JSE:FSR is showing a nice Head and Shoulders pattern. If it plays out and breaks through the neckline, we could see a move towards the target at 4200 which is a strong historic support level.
JSE:FSR has broken out of a symmetrical triangle pattern and seems to be moving in an upward direction. If it confirms above the highs of early October, I will consider entering long.
A close below R36.80 would trigger the short idea with a stop loss above R38. 1st target R35.30 and full target at R34. There could be a potential retest of the trendline so worth keeping an eye on that.
Zooming in on the 1hr chart - we notice that since FirstRand bottomed on the 24th of March, we have formed a trading channel with 3 successive higher lows. This level just above R36 also coincides with a bit of a bullish channel flag which is forming within the larger channel in play. Corporate action would probably explain much of the recent weakness but a nice...
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...
Firstrand is starting to look tired here having reversed off the first big resistance level (R69-R70) as well as trend line connecting the stocks all-time high from MAR 18. My biggest concern is that the rally from the lows in August has taken place on declining volume which doesn't give me a great deal of confidence in this rally. Secondly we are starting to see...
A bearish engulfing chart pattern formed on JSE:FSR which is often a top reversal signal. The stochastic has also turned downwards which further confirms the signal. I will however wait until it breaks through the fractal level from the 21st of October before entering short, as it isn't the most convincing of engulfing candles as the top of the two candle...
JSE:FSR is nearly ready to buy (go long) due to an ascending triangle that's been forming since 8 July 2019. You might be wondering why I'm not calling it a Cup and Handle pattern instead. One reason - The right rounding bottom is more than 50% the cups height. Hence the stop loss will be wider, and the take profit will be extended higher than normal. I'll update...
Stronger ZAR supports local banks. --- E ~6350 SL ~6550 2:1 TP 6850 100 Fib Projection TP ~7350 Critical Resistance TP: ~7000
Looking at the FirstRand, we may derive the following from the weekly chart: 1. A noticeable technical pattern had been formed over the past 40+ weeks. 2. Price is trading outside of the triangle. 3. Note the weekly candle hasn't closed yet. 4. A solid close above 72 should take us back to the 2018 high. 5. As always - maintain your risk management....