J200This note is an extract from my weekly research report
JSE Top 40 - Skyscraper View - Strong But Not Overbought | Stepping back, we continue to note the index making a fresh break of the 3 year sideways consolidation and more broadly, continuing to shift to the upside of a 7 year consolidation. While the index is just over 77% off it's March 2020 lows, the technical indicators suggest a 'strong but not overbought' position with the monthly Relative Strength Index at 64 and pointing up, suggesting room to advance. Note the price having held the pivot and head toward 'resistance level 1'. Monthly Chart.