The Top40's Price action has been anchored between the main Pivot Point (48 400) and Resistance line 1 (53 000) since early February. (200 week ma = 48193). Besides for the month of January the rest of the year's price action has taken place inside this range. Watch for a second consecutive weekly close below the pivot point level @ 48400. A close below last...
JSE Top 40 Index (Spot): The index has advanced strongly from our last buy/long call on 03-October at 48232. While we saw the index dip slightly lowers, spending a day or two below the recommended buy zone, the 'swing' higher eventually unfolded with a very strong move higher throughout the course of last week. At current levels, the candle structure remains...
We may derive the following from the Weekly J200 chart:
1. Price has found support at a long term demand zone.
2. We will need to wait and see what price does - giving us a short continuation trade or long initiation.
3. Monitor price action and be patient.
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
The JSE Top 40 spot index has advanced strongly since developing a bottom in late August. Off the lows of 47618, the index has appreciated by 3527 points or 7.4%. At current levels, the price trades at prior support of 51336 and is nearing the prior breakdown level of 51546 which took place on 30 July. While it is possible that these level could be breached, it...
The Top 40 is seeing some buying at the yearly pivot point. The volume has increased and it looks as like there will be a rally but probably within the trading range defined by the yearly pivot point and recent highs.