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.