- We ended the month of July with and inside bar (range)
- Looking to add to a move through R54.50 to target R56.50 & R57.96
- Below R51.80 will negate the idea (Tighter Sl at R53.00)
Banking stocks are starting to look good again. Buyers seem to have won the battle at the 50 day EMA. I’m going to start building my position at the open on Monday 2 August 2021. I’m going to buy 23 shares will an initial stop loss at R50.82. I’m also watching the following key levels R55, R56, and R57 to build the position. R50.82, R51.60, & R53 being defence...
A year back - see post below - we looked for push back to R55 - R60. After reaching this area of significant resistance on the weekly timeframe we have now seen a distribution trading range with a typical Wyckoff pattern. Selling pressure is seen in the volume and a change in character significant bar is indicating the start of a markdown to test the covid lows.
FSR has followed our price path (see attached) and is currently +6.6% (ungeared).
At current levels (5524c) , traders can reduce their positions by 50% with additional reductions as we near the target range of 5690c-5750c.
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...
This 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...
We've seen a few false starts on JSE:FSR in the last few weeks, with positive momentum being sold into in the R52.50 area and buyers backing off. JSE:FSR on a decent run today, but will it continue to infinity & beyond or are the sellers just toying with the bulls and waiting to pounce & push it back to R50? Next R2 could go either way - up to R55 or back down...
$FSR broke above weekly EMA200, closed above it only to come back down and close below the EMA200, which has now turned to resistance for this stock. Price has previously retested the trend line and moved higher. A recent MACD cross signals a move higher in price. Looking for a setup a long pos or a possible short back down to 5000C at support
JSE:FSR is showing a nice Head and Shoulders pattern. If it plays out and breaks through the neckline, we could see a move towards the target at 4200 which is a strong historic support level.
Firstrand (FSR)
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...
