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Satrix Capped Indi Portfolio

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STXIND trade ideas

JSE Industrial Index: Still in Long-term Range The JSE Industrial Index ( J211 ) has been in a trading range since 2016 and has broken the upward trend in the process. The covid drop interestingly was not backed by volume as seen by the lack of movement in the volume RSI and low volume spike. Price has recovered back into the trading range but has shown little enthusiasm to break out. The bounce has been on low volume . The covid drop also showed relative strength compared to the overall JSE. It seems as if the range-bound conditions may continue and we will have to wait for volume to return to see if this can be broken. For now, we are stuck around 70000 ( J211 ). With the low volume there does not seem to be many opportunities in the underlying stock right now.
JSE:STXIND
by SteynTrade
JSE:STXIND Industrial Index Showing Some StrengthThe JSE Industrial Index went through a distribution trading range and together with the overall market started to markdown. However, relative to the Top 40 the Industrial Index is showing strength. However, it is probably not time to get too excited as this is likely to only be a pullback and test of the trading range that was broken. In the short term, this could take us back to between 6500 and 7000. This is the sector to look for some stocks that are benefiting from the current market conditions to go long for shorter-term trades.
JSE:STXINDLong
by SteynTrade
$STXIND Change of polarity on the JSE's Industrial sectorThe above chart is a perfect display of the concept of 'change in polarity'. This principle asserts that once breached, a support level becomes a resistance level. You'll notice how this level of +- R72.30 was a major support level in 2018 that held on multiple occasions. Eventually we got the break through in Sept 2018 and the bulls caved in completely, seeing the index fall another 15% to reach a level of 61.00. Since seeing those lows the index has done well to move higher and retest this significant level which has now become clear resistance. We tested this level as recently as early May and failed. We are currently retesting this level once more and it looks like the market is rejecting and failing for the second time at R72.30. Likelihood here is that the components of this index will find it very difficult to gather enough steam to breach this point of polarity and we could see the chart move lower in time. Also notice how price has managed to equal the same level but RSI has made a lower high which is also an indication of bearish divergence and further adds conviction to a possible move lower in this chart. Naspers and Richemont make up the bulk of this index, so be careful in those two counters specifically!
JSE:STXINDShort
by MarcoOlevano