FSR - Head and ShoulderFSR is forming a H&S with a close below 49.50 triggering the short idea. Stop loss above R51 while first target is R47 and full target at R42
FSRA trade ideas
Firstrand looking bullishFirstrand (FSR)
Our financials have been a the bottom of the “K” shape recovery. However the index (J212) is looking rather bullish breaking into higher boxes. Last week we had a nice doji candle as the 50w and 60w EMAs held as support. That was followed by a higher close.
Firstrand seems to be amongst the leaders of the pack. The stock broke into a higher box, but turned back to the lower box.. The 30w EMA is only 8 points from crossing the 60w EMA. I’m looking for a close above the last high close of 5564c on the daily chart. Last time we closed above this level was back in March 2020. I will put my stop at 4900c.
There’s a fairly strong long term support/resistance. At 5700c. If we get a close above 5700c. We have a bull market on Firstrand.
$JSEFSR Firstrand Consolidation FSR reached consolidation support on the upper band of the up channel it broke a few weeks ago. First target was reached at 5070, before consolidation started settling in. Second target 5470 remains in the pipeline unless it breaks back into the channel and the upper band of the channel then becomes resistance once again.
Bearish flag on FirstrandFirstrand
We have a nice bearish flag on the share. The previous week’s bearish engulfing candle looks to be playing out. We also had a golden cross in the early stages of the flag formation. If we break below the R34 level, we could see some further pressure on the share. R29, 25, and R14 levels are potential targets. We might see some reactions at those levels. As they were support back in 2013-2014.
Weekly game plan: villagetrader.co.za
