I'm putting on a South African banking pair for clients, Long FSR and Short NED.
Trade initially spotted by our Trading Desk Analyst, Lester Davids @Lester_Davids
FirstRand Limited is a South African financial services provider which provides services through a portfolio of leading franchises including Rand Merchant Bank (RMB), First National Bank (FNB), Wesbank and Ashburton Investments.
With FirstRand shares listed on the Johannesburg Stock Exchange (JSE) and the Namibian Stock Exchange, the group is one of the largest...
Entered a JSE:FSR short position because of the Dark Cloud Cover on a very strong resistance.
We will look to ride this one out until the support level below.
FSR has a similar structure to RMH (See link below). FSR has also found support at the previous accumulation range and the Yearly Pivot Point. With the Rand (ZAR) strengthening (See link below) this also provides support. The high volume after the breakout can be seen as a Buying Climax (BC). The bottom of the range provides support on higher demand volume. We...
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...
