FSRFirstrand Ltd (FSR): On Friday morning the daily chart time frame suggested high bearish momentum / approaching oversold however what does the weekly chart reflect?
Key stats
About FIRSTRAND LTD
Sector
Finance
Industry
Major Banks
CEO
Alan Patrick Pullinger
Website
firstrand.co.za
Headquarters
Johannesburg
Employees
48.059K
Founded
1966
ISIN
ZAE000066304
FirstRand Ltd. operates as a holding company, which engages in the provision of banking, insurance and investment products and services to retail, commercial, corporate and public sector customers. It operates through the following segments: FNB, FNB Africa, WesBank, Retail and Commercial, RMB, and Centre. The FNB segment offers financial products and services to market segments including consumer, small business, agricultural, medium-sized corporate, parastatal and government entities. The FNB Africa segment is composed of a support division acting as strategic enabler, facilitator and coordinator for FNB’s broader Africa businesses. The WesBank segment represents the bank’s activities in instalment credit, fleet management and related services in the retail, commercial and corporate segments of South Africa. The RMB segment refers to the bank’s activities in the corporate and investment banking segments in South Africa, the broader African continent and India. The Centre segment includes group-wide functions, including treasury, finance, tax, STET, regulatory risk management, and internal audit. The company was founded in 1966 and is headquartered in Johannesburg, South Africa.
Demand-Supply Zones: NPN, FSR, MTNDemand-Supply Zones: NPN, FSR, MTN
As per my report for Monday, 08 May.
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FSR 60min Short IdeaFSR broke its double top neckline on the 18th April and has come back to test that neckline level today at R63.50
short position is favored with a 2:1 RR
Firstrand: Overcooked & overdone It's me and the banks again... FSR has been extremely strong and has stayed in overbought territory for an over extended period now. Momentum is waning and I think a decent dip is on the cards. Something has to give...We are starting to see price congestion with little to no impetus at these levels.
Banks vs Top 40As noted a few weeks ago, the 61.8% FIB was a key level as a relative support zone for the Banks vs the Top 40.
Standard Bank t/statement really giving the sector a boost today.
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Unconvincing breakFirstrand broke line but retest not looking very convincing, I'd expect a draw down. What do you think?
Failed BreakFSR tested channel but seems it might stick with downward movement. Day indicators also seem overbought. Might not get that leg up at this time.
FSRA comment from this morning's note:
JSE:FSR | An attempt to breach the trend line of which a strong candle structure could see the upper boundary of the channel being tested.
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FSR 6 month channelFirst rand bank has managed to trade back above its 1 year moving average and also forming a Inverted head and shoulders pattern
off its major support of R60,00
Solid closes above the R67.00 should confirm a breakout and a new bullish trend
FSR - FIRSTRANDFirstrand has formed a head & shoulder formation on the daily chart. It made a false break out of the head & shoulder as well as the bullish downward channel. It is currently testing the ema 50, and i am waiting for a turn around candle to enter trade. First target is 6900, 2nd target 7600.
Should p
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