See link below for previous analysis.
FirstRand has found the 7700-8000cps zone hard to push through.
The two sell-offs at this zone give what can be viewed as a Double Top.
Price has recently been consolidating in a contracting triangle which now looks to be breaking down.
The trend looks bearish and my initial target is 5000cps.
First Rand has been consolidating since making a new all time high in March 2022.
The consolidation pattern seems to be unfolding as a contracting triangle.
Triangles are tricky as they can breakout on either side or evolve into a more complex pattern.
I will remain neutral and wait for price action to lead the way.
FirstRand (FSR) has five divisions - First National Bank (FNB), Rand Merchant Bank (RMH), Wesbank, Ashburton (in the UK) and Aldermore. It operates in 10 African countries, has platforms in Africa, Asia and Europe. It also has representative offices in Dubai and Shanghai. FNB has a branch in India. The company was founded by Laurie Dippenaar, G.T. Ferriera and...
The stock found decent support around R62 as mentioned previously and rallied almost 10% to R68.
We have now had some 'cooling' off from the bulls and once again back at a key R65. Bulls will want to defend this today or risk a deeper pullback to the breakout level --> R63.50
I will continue to be bullish the stock while price stays above the daily 20ema.
As per our previous post, price held the major R60 level and rallied to just below the R67 hurdle.
We have had a 2-bar pullback now into a possible support zone, an area where i will be looking for longs. Bulls needs to keep it above R62 on the daily and worst-case scenario, the R60 level needs to be defended.
Price action on the smaller time frames will give...
First Rand made a lovely pin bar reversal off support on Monday and subsequently followed through today. I like this one as a long here with a stop below R60.00 and a target back to the 50% fib of recent high and low which also coincides with its yearly pivot point (=- R67.00). Also note bullish divergence where RSI is making higher lows even though price made...
FirstRand group is holding support of its longer term trendline support(resistance that became support) off the R65.00 technical level, a 2:1 reward to risk off this buy zone could offer a good trade to the upside
entry : R65,00
stop : R62.00
target : R72,00
- Price has pulled back from its recent swing high of R74.75
- Currently in a support zone where i will look to open a starter position and add to as the price action develops.
- RSI deeply oversold with a relief bounce likely.
- Only below R60 do i turn bearish on the overall picture.
The Relative Strength Index (RSI) is a popular momentum indicator used...
After a careful analysis on this stock, market failed to break the resistance level at 7284, signaling a continuation of the correction that started at 7931. There is a potential strong bearish move to unfold, headed to create a new support at 5150. #paputradinginsights
Nice breakout into the higher range of R68 – R76 from R59.50 – R68
The stock had previously attempted to break higher but that proved to be a false break.
A new relative high provides a good 2.3 Risk: Reward ratio for the R76.67 target with a stop loss at R66.90
Firstrand Ltd (FSR): On Friday morning the daily chart time frame suggested high bearish momentum / approaching oversold however what does the weekly chart reflect?
FSR 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
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. I'm willing to wager that she bumps her head here at the 50 day...
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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