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Firstrand is bouncing off resistance
After creating a high of R77.25, Firstrand dropped to R55.00 before bouncing back up to just above R70.00 a share. Since then it's traded sideways. It seems to have found resistance in the area between R72.00 and R69.00 while support kicked in somewhere between R62.00 and R59.00.
Over the past few days, the price reached the lower end of the resistance range and immediately began to drop.
The Slow Stochastic indicator has now reached the higher end of oversold territory. I don't believeFirstrand will reach the R71.00 level but instead will continue to fall from here. I will thus be going short.
Action: Place a Limit order to SELL at R68.00 with a Stop Loss set at R71.00. I will aim to take profit at R65.00 and R62.00 respectively.
Margin: 21%
Gearing: 4.76x
Gain: +42.02%
Risk: -21.01%
Firstrand dropped to R55.00 before bouncing back up to just above R70.00 a share. Since then it's traded sideways. It seems to have found resistance in the area between R72.00 and R69.00 while support kicked in somewhere between R62.00 and R59.00.Over the past few days, the price reached the lower end of the resistance range and immediately began to drop.
The Slow Stochastic indicator has now reached the higher end of oversold territory. I don't believe
Firstrand will reach the R71.00 level but instead will continue to fall from here. I will thus be going short.Action: Place a Limit order to SELL at R68.00 with a Stop Loss set at R71.00. I will aim to take profit at R65.00 and R62.00 respectively.
Margin: 21%
Gearing: 4.76x
Gain: +42.02%
Risk: -21.01%
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