The Resources Sector has been in a nice upward trend since 2016. Now after reaching the overbought line the resources is correcting back to the oversold line.
The resources sector has been trading in an upward channel since 2016. Price has now reached the overbought line again and we could see a correction after a pinbar has formed.
The JSE Resources sector has had a sharp increase from the oversold trendline (See post below). It is now testing the overbought line of the advance. Will watch for the reaction at this line.
The JSE Resources 10 Index has had a sharp decline and is approaching the demand line of the upward trend that started at the beginning of 2016. However, the decline to the demand line has been more dramatic than any other declines into the trend line. Will be watching for the reaction to determine if the upward stride will continue.
The JSE Top 40 has been ranging but finding some support at the breakout level of the previous trading range. Looking at the comparison of the three main sectors in the JSE since April we can evaluate recent relative strength. The Resources sector has been strong and even looking at resent lows on 12 September it has remained the strongest of the sectors....
