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genie2b
Frequent Contributor
FSR has broken through the long awaited 21.10...will it see the 24.00 barrier...?
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11 REPLIES 11
Not applicable
Don't think so - going short today...
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SkarlakenKoos
Frequent Contributor
Well, I sure hope so... FSR is one of my best buys ever. Just after the big dip a few months ago, I couldn't resist buying FSR when its div was over 5% and it's PE was something like 9 (if I remember correctly). What I do remember is that I bought for under R12. I was very scared of buying - but I'll remember the principle. When everyone is buying, sell. When everyone is selling, buy!
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asylum
Super Contributor
yes i would go long with a stop just below the new support line (previous resistance) at around R 20.70, dont understand the logic of going short .
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kwagga
Super Contributor
Previous resistance - R21.50. Couldn't break through it yesterday and not today. Looks more like a short than a long. omo
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asylum
Super Contributor
where do you get previous resistance of 21.50?
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Russ
Super Contributor
It's been in a huge channel since Feb and is close to the top (around 2120) of the channel right now.It is also showing a sell divergence on the sto.I wouldn't go long unless it breaks out.If shorting keep your stop just above resistance.The bottom of the channel is around 1840.omo
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kwagga
Super Contributor
Think I made a mistake - looks closer to 20.80. Still wouldn't go long though.
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asylum
Super Contributor
i still dont agree but thats my opinion , if yo go to fsr chart and go back to FEB and use the CLOSE opnion, youll see that its making higher highs and lower lows and has broken through resistance, yes a touch overbought, but i still dont see the short theory unless its gut feel, but from a trading pespective i see it as a long position. omo
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asylum
Super Contributor
another thing it has tested 20.80 three times and broken through so now 20.80 becomes support so in my trading setup that would make it long, if im wrong thats ok as i know the thinking behind my decision is solid and stop loss applies, happy trading.
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asylum
Super Contributor
that should read higher lows in previous post.
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kwagga
Super Contributor
JSE-FINI right on resistance 81600 and most indicators pointing to an overbought position. MACD, RSI, Bollinger and volume is down. Downside risk in my opinion. DOW also trading right in the middle of a huge Fibonacci ambush zone.
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