Zooming 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.
"If you do what you love, you'll never work a day in your life" - Marc Anthony