MarcoOlevano

J200 top40 looking exhausted... $JSE $j200

Short
JSE:J200   TOP 40 INDEX
I have decided to have a deeper look into the technical structure of our top40 index which should give you a better technical view of what to expect from our market. Firstly interesting to note is that price has rejected off the 61.8% fib retracement using the last swing high and low that we saw between August and October last year. We have seen numerous topping tails below this fibonacci retracement whereby the market has tried to rally but price fell back to the lows of the day by the close ( bearish characteristic which shows that sellers are appearing on any attempted rallies). Also interesting to note that the RSI has broken out of its uptrend, and has now retested this level and failed today. A convincing close below 49200 should give me confidence that we have seen a top in our overall top40 index. Caution advised going forward..
"If you do what you love, you'll never work a day in your life" - Marc Anthony

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