Jsefsr
FIRST RAND first Rand bull case still at play since we are on the rate cycle banks are moving higher
First Rand LimitedFirst Rand Limited with the downgrade form moodys banks are gonna take a hit as south africa gets taken out of the FTSE World bond index
Short in FSRThe Moody's call messed me around on FSR, but the MACD, MA, RSI and STOCH's are showing a potential downward move in FSR.
$JSE-FSRJSE:FSR
Stuck in sideways consolidation from around September 2018.
Break above when/if it happens will open target around 8000 some 15% higher.
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-FSRJSE:FSR
Making head and shoulders.
Neck line is 6250. Break bellow will open 5500 as target.
$JSE-FSRJSE:FSR
Bearish flag on hourly getting broken.
In mean time bigger head and shoulders is made. Neck line is at 6250.
$JSEFSR hourly with rising wedgeJSE:FSR
Making rising wedge on hourly chart. Break lower would target previous breakout around 6600
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:FSR First Rand New Re-accumulation RangeFSR 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 have now tested it again and the OBV is indicating the upward pressure. Will be looking for a test of the top of the trading range.
