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FirstRand LimitedFirstRand LimitedFirstRand Limited

FirstRand Limited

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Firstrand Ltd - Ultra Short Term ViewAn extract from this morning's client research note: Firstrand (FSR, 5908c) | The share has been sold off over multiple sessions, with the last fours closes below the near-term moving averages and the price now close to it’s swing lows. POTENTIAL BULL TRADE SETUP: Look for a piercing candle i.e. trade below yesterday’s low followed by a reclaim for a move back to the 50-EMA and 8-EMA above. Note the last 4 days down has been on declining volume. POTENTIAL BEAR TRADE SETUP: Traders should consider the potential for the price to trade below yesterday’s low and then reclaim that low, resulting in a piercing candle and potential bullish reversal for a trade back to the 8-day EMA. Chart: DAILY. Time Frame: Intraday/Ultra Short Term For more real-time insights and trade ideas, get in touch today.
JSE:FSR
by LD_Perspectives
FSR From my the prior week's research report (10-May-2021). There are times when you've really got to be patient with stocks (not easy). In this case it FSR where I was expecting continued 'chop' as the share attempts to break the year-to-date resistance (see potential price path on chart). So far we've seen a pullback (as expected) with another attempt to turn up in the last two sessions. The current level is in the middle of a broader channel which has been in place since November. Below 5135c is temporary failure/SL. Key level is the year-to-date supply at 5330c, which is what I was referring to in my report. If this level turns to support, it will add confidence to the idea. Also, a broader update on my positioning coming into the week, as per my research report Amidst the weakness thus far this week, I have seen some of my themes/views started to take shape (a big focus on relative performance). Non-Comprehensive: - Gold over Copper +4% yesterday - Platinum bear flag in process of triggering. Support broken yesterday. - IMP losing ground from multi-year highs. Down over 8% yesterday - Risk view based on monthly chart (resistance and structure). Short term, the R215-220 area is of interest to me (as a buy/long) - will monitor. - Telecommunications vs the All Share Index. +1.72% thus far. TKG and VOD up +8% and 1.8% for the week. - Food Producers positive relative to the market. The market responding positively to results TBS. Share has cleared the key +R220 level we have been monitoring since March, with the 200-week SMA as target (now around R265). Will monitor closely if price action turns negative but for now it continues to act well. All the best.
JSE:FSRLong
by LD_Perspectives
FirstrandThis idea is part of a larger research report and should only be considered within a well-diversified portfolio. - Year-To-Date Supply Being Tested - Pre-Market Price: 5325c (10-May-2021) - My analysis considers a buy/long trade as the price makes another attempt to clear the year-to-date overhead supply. - Since November, the price has developed a gradual upward-trending channel, with a two zones of higher lows. - Look for further consolidation, with a pullback to below ~5240c. - Provisional Levels: - Accumulation Area: 5180-5250 - Stop-loss: 4920 - Target Range: 5690c-5750c. *Manage your own risk*
JSE:FSRLong
by LD_Perspectives