As 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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A 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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First 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
Firstrand 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 price go below 6342, this would negate this trade.
FSR has broken its downtrend and a strong close today can possibly ensure it has also reclaimed its 200DMA. If so, first target is 71.00 with a longer term target of 77.
We are looking for a small downward move on JSE:FSR based off of the formation of a bearish engulfing candle on Friday. The short has been triggered and the target is at the R62 level.
As per my research note published on Sunday evening, I believe that this market neutral (pair) trade remains applicable at this stage.
The pair considers a Long FSR position against a Short SBK position. A successful pair trade can be realized 1 of 3 ways: (1) The long position rises while the short position falls. (2) The long position rises faster than the...
Hi,
Firstrand ltd is a great company technically. A correction is coming soon as guys start taking their profits. Look for buys once you start seeing the correction.
Good luck guys
A Bullish Harami has formed on JSE:FSR which is a bottom reversal signal. It has triggered our long position and we have a target at around the 64.40 level. There is however, a gap that needs to be closed at around the 61 level. Be aware of this, as it may close the gap and come down instead of continuing upward.
The stock is in what seems to be a triangle, we have leg "d" and "e" to complete before we can take any action. A triangle is a Corrective pattern of which a prior trend continues after it's done forming. At the time when interest rates are rising rampantly, banks are one of those who will benefit.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
