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runyamhere

JSE Top40: At Pitchfork Resistance

Short
South Africa Top 40 Index (JSE:J200)  
runyamhere Updated   
JSE:J200   South Africa Top 40 Index
Support and Resistance Pitchforks
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supportandresistance pitchfork
The JSE Top40 index has been trying to break the resistance of the Pitchfork to the upside, however it has continuously met failure, now price is within the timing band to drop into a half cycle correction into the end of June 2023. The line in the sand (on chart) is 69,756.50, going below this at any moment means we are in for a deeper correction. This is a high probability scenario given that the US dollar index (DXY) is showing signs of bottoming.
Comment:
Having gone lower than R69,756.50 price is now finding support at 200DMA, expectation is the rebound does not last long and bears will resume strength.
Comment:
The bears failed to continue with strength, the Top40 is in time for a daily cycle high but cannot rule out a short daily cycle. Price closed at resistance line defining a weekly cycle, if we close above that line in week ending 21 July we are in a new weekly cycle.
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