Buy First Bank | NASDAQ – FRBA | Short Term Trading Advice | Banking Sector | 24th Jul 2024 | Expected Gain 5% – 8%

First Bank (NASDAQ: FRBA) vs NASDAQ - Relative Strength Comparison

First Bank (NASDAQ: FRBA) - Technical Analysis (Daily)

• The stock faced a significant resistance around the 25 level and declined from that point.
• Later on, the price discovered a strong support near the 13 level and created a Double Bottom pattern.
• After a gap up, the stock price broke out and then began to consolidate.
• During this period, an Inverted Head & Shoulder pattern appeared on the chart, indicating a bullish sentiment.
• Despite the stock moving downwards after the breakout.
• Afterwards, the stock price successfully reversed its trend and is now trading close to its previous resistance area.
• The volume is also increasing, and it is anticipated that the stock will make a breakthrough this time.

First Bank (NASDAQ: FRBA) - RSI Indicator

• Current RSI of this stock is 72.34, which indicates the strength of buyers.

First Bank (NASDAQ: FRBA) - ADX & DI Indicator

• Increasing ADX value above 20, indicated the strength of the trend, thereby uptrending ADX confirms the bullish or bearish supportive decisions. Along with the rising ADX, and the +DI is above (or crossing) -DI, indicates the long trades should be favoured.

First Bank (NASDAQ: FRBA) - MACD Indicator

• MACD line has crossed the signal line from the below, generates bullish signal.

Conclusion - First Bank (NASDAQ: FRBA) Stock Price Forecast

Based on our short term trading in the US stock market, First Bank stock price target will be USD 15.6 - USD 16 in the next 12-14 trading sessions.