Bullish on First Rand Limited, Buy signal

27 ene 2019

Bullish kumo breakout on the D1, all ichimoku bullish conditions met (Golden TK cross, green (bullish) Kumo breakout, lagging span above price, clean break through Chikou span A & B. Same conditions met last on 4th December 2017, leading to a 38.24% surge to the ATH of 7725.

27 ene 2019

Nota

Bullish symmetrical triangle with breakout indicating early buying opportunity, with some risk of an extended retest of upper trend line. Rectangle shows area of S/R, where price found strong support in forming triangle.

27 ene 2019

Nota

Final thoughts
RSI is bullish with no divergences to speak of and plenty of room to move up. The formation of bearish divergence at next price level will be an early warning to begin exiting the trade, even though price might continue up for a while.
MACD continues to be bullish, also with plenty of room to run.
OBV and Volume indicate there is some gas behind this move up so far.
Stochastic suggests a retest of support will occur in the next months.

This has been a strong performer for years, and the latest indications show a retest of the ATH may be on the cards in 2019. This is purely a technical analysis, with hardly any attention paid to fundamental analysis - 2019 is an election year so expect this to affect all South African markets.