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MarcoOlevano

$TOP40 Head & Shoulder Breakdown (bearish)

Short
South Africa Top 40 Index (JSE:J200)  
MarcoOlevano  
JSE:J200   South Africa Top 40 Index
Chart Patterns jse jse_top40
5
0
chartpattern jse jse_top40
The top40 index (J200) has now broken two very important levels and is not looking healthy at all! Firstly we have broken down from the rising channel which has been in place for the best part of this year. Secondly, we have today broken below the 49200 level which is the neckline and horizontal support of the head & shoulder pattern. Based on the break of this neckline, the pattern projects a target of 45000.
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