There is an active resistance at 11820 with a 21 MA and it seems price is falling towards support 10295.
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The JSE ticker is currently testing an upward trendline from the weekly chart. If prices respect this trendline, we can look at potential buy trades. If price breaks below this trendline, we can look to short this market.
JSE has been following a declining trend in a series of stepping stone redistributions. We have again had a test of the previous breakout level and the downtrend is set to continue. There is significant volume on down bars and divergence with the volume RSI.
We may derive the following from the Weekly JSE chart:
1. Price has found some support on the weekly channel bottom.
2. It is possible that price may move higher and test the channel middle/high.
3. Monitor price action and be patient before trading.
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.