FSR trade ideas
Waiting for the pull back to get long on FirstRand.FirstRand Limited is a South African financial services provider which provides services through a portfolio of leading franchises including Rand Merchant Bank (RMB), First National Bank (FNB), Wesbank and Ashburton Investments.
With FirstRand shares listed on the Johannesburg Stock Exchange (JSE) and the Namibian Stock Exchange, the group is one of the largest financial institutions in South Africa, offering an all-ecompassing variety of financial services ranging from corporate, investment, retail, personal and commercial banking, to installment finance, insurance and investment management.
FirstRand operates in eight other African countries: Botswana, Mozambique, Namibia, Swaziland, Lesotho, Zambia, Tanzania and Nigeria. The group also has offices in India, China, Dubai and London. FirstRand has high levels of surplus capital for investment across the African continent, allowing it to expand its geographic reach and revenue streams, to the benefit of those who buy the shares.
Technical
I am expecting to see a reversal at some point soon for the completion of wave 3 to the downside. I am however not interested in the short at this stage and will wait for the low at the end of wave 1 to break before I will be looking for an entry to the upside.
FSR Short PositionEntered a JSE:FSR short position because of the Dark Cloud Cover on a very strong resistance.
We will look to ride this one out until the support level below.
JSE:FSR First Rand New Re-accumulation RangeFSR has a similar structure to RMH (See link below). FSR has also found support at the previous accumulation range and the Yearly Pivot Point. With the Rand (ZAR) strengthening (See link below) this also provides support. The high volume after the breakout can be seen as a Buying Climax (BC). The bottom of the range provides support on higher demand volume. We have now tested it again and the OBV is indicating the upward pressure. Will be looking for a test of the top of the trading range.
$JSEFSRJSE:FSR
Making inverted head and shoulders. Neck like still far but something to watch over next few days
JSE_FSR: First Rand Wyckoff Re-accumulation after DeclineFirst Rand (JSE_FSR) has been undergoing re-accumulation after decline which is the weakest type of re-accumulation. Price has jumped the creek and backed up to the trading range. There is now showing Signs of Strength (SOS) with lower volume. The stock has show prior leadership even thou it is not in the best performing sector. Will be looking for the breakout on the daily or inter day TF to go long.
