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FSR

$JSEFSR on important supportZooming in on the 1hr chart - we notice that since FirstRand bottomed on the 24th of March, we have formed a trading channel with 3 successive higher lows. This level just above R36 also coincides with a bit of a bullish channel flag which is forming within the larger channel in play. Corporate action would probably explain much of the recent weakness but a nice technical setup could be forming and it would be wise to keep a close eye on this one. Aggressive traders could look to buy in the lower R36's using a tight stop loss as a break under the channel. More conservative traders would wait for a break of the smallish channel at +- R40.00. Eventual target could be towards the upper end of this channel at +-R50 should the stock convincingly break above R40.
JSE:FSRLong
by MarcoOlevano
$JSEFSR Firstrand looking tired?Firstrand is starting to look tired here having reversed off the first big resistance level (R69-R70) as well as trend line connecting the stocks all-time high from MAR 18. My biggest concern is that the rally from the lows in August has taken place on declining volume which doesn't give me a great deal of confidence in this rally. Secondly we are starting to see divergence develop on the RSI (price making new highs but indicator making new lows) which could be indicating a further correction in price. We have reversed off the first massive horizontal resistance now at R69-R70, but also keep an eye on the secondary resistance level between R71-R72. Should the stock continue to roll over, important support levels on the downside to keep an eye on are R64.75 (200dma), R62, R60 and R55.
JSE:FSRShort
by MarcoOlevano
$FSRP Firstrand pref shares could bounce soonSince bottoming out in early 2018, preference shares on the JSE have been one of the best performing asset classes in our market. Always good trading practice to identify the strongest sectors in the market, and look for buying opportunities towards areas where there is a high probability of the trade working out. Looking at FSRP, I have identified that the 200 day moving average (green line) has acted as a good support area when the stock has corrected towards previously. In addition,the level of R82.00 has acted as both solid support & resistance over the last year and it is very likely to be this case once more. On this basis with a shorter term trade outlook, i would be happy to accumulate FSRP between R82.00 - R83.00 and look to bank profits on a bounce towards R86.00 - R88.00. (aware that the stock has recently paid a decent sized dividend, but this shouldn't change the technical view)
FLong
by MarcoOlevano
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.
JSE:FSRLong
by UnknownUnicorn3689126
Waiting for the pull back to get long on FirstRand.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 financial institutions in South Africa, offering an all-ecompassing variety of financial services ranging from corporate, investment, retail, personal and commercial banking, to installment finance, insurance and investment management. FirstRand operates in eight other African countries: Botswana, Mozambique, Namibia, Swaziland, Lesotho, Zambia, Tanzania and Nigeria. The group also has offices in India, China, Dubai and London. FirstRand has high levels of surplus capital for investment across the African continent, allowing it to expand its geographic reach and revenue streams, to the benefit of those who buy the shares. Technical I am expecting to see a reversal at some point soon for the completion of wave 3 to the downside. I am however not interested in the short at this stage and will wait for the low at the end of wave 1 to break before I will be looking for an entry to the upside.
JSE:FSRLong
by Linton_White