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JSE_FSR: First Rand Wyckoff Re-accumulation after Decline

Long
FIRSTRAND LTD (JSE:FSR)  
SteynTrade Updated   
JSE:FSR   FIRSTRAND LTD
Support and Resistance Supply and Demand Pivot Points jse jse_fsr re-accumulation wyckoff
5
0
supportandresistance supplyanddemand pivotpoints jse jse_fsr re-accumulation wyckoff
First 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.
Comment:
FSR continues to show leadership with a strong bounce on the Daily TF of the lower trend line.
snapshot
Comment:
Price has tested the overbought trend line. The tests occurred with increased volume and negative divergence with the Volume Traders Dynamic Index (Volume RSI). The exception is for the markup to continue and reach the overbought line.
snapshot
Comment:
After the backup to the Accumulation Range we are now seeing the markup in Phase E taking place with good volume last week during the upward push. Looking for a possible reaction of the volume cluster at the highs of 74 and then a possible push to the highs at 77 and possibly making new highs.
snapshot
Comment:
The channel we were watching develop has been broken with a strong move lower. We will watch how the new structure develops. But for now there are now further trades considered.
snapshot

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