Is Firstrand Ltd about top break out of its sideways channel?
Firstrand has traded in a range between R60.00 and R70.00 for almost a year now. Only on a few occasions has it broken out of this sideways channel and, even then, only for a short while.But, if you look at the MACD, you would notice a bullish divergence has formed. As
FSR's share price kept retracing to R60.00, the MACD continued to make higher lows.This has me believing
FSR might finally be ready to break out of the channel. I would like to enter the trade at a slightly better level. This will give us as few more options to exit should the stock once again find resistance at R70.00.Action: Place a Limit Order to go LONG with your Limit Price set to R67.00. Set your Stop Loss to R59.50 and your Take Profits to R75.00 and/or R85.00.
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