SA40 trade ideas
J200 top40 testing held support at 50,000ALSI/j200 top40 index has held its support at 50,000 off yesterday Low of day.
It is within a rising up channel and I do expect prices to continue to rise.
JSE Top 40 Index (Spot) 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 would also be natural to expect some consolidation following the strong recent move higher and while there is no clear short/sell signal at present, traders who took a long from the late August lows may want to partially reduce their long positions. I will be monitoring the index for a potential short/sell.
JSE:J200 Top 40 Buying at the Yearly Pivot PointThe 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.
TOP40 Possible Double TopTOP40 has closed under the 200ma and formed a massive double top which has a possible downside target of 5000 points. Price will likely go test the 200ma level again before continuing a move down.
SA40 J200 TOP40JSE:J200
Closed yesterday below neckline for double top but made big wick.
Today is crucial day to see if down trend will gather momentum.
Be safe out there.
JSE:J200 Top 40 Effort Without ResponseToday we have seen a high volume bar with a small range indicating effort without response. Some demand has entered the market and a rally is possibly on the cards this week.
SA40 J200 TOP40JSE:J200
Roll over on hourly chart.
Trying to hold neckline for double top but will be very difficult.
TOP40TOP40 has closed under the 200ma and formed a massive double top which has a possible downside target of 5000 points. Price will likely go test the 200ma level again before continuing a move down.
Lets retest then fallafter the breakout, we might see J2 going up a little bit to retest then after that fall smoothly
TOP 40 - Bears in ControlWe may derive the following from the Weekly J200 chart:
1. Price has fallen as previously analysed (See linked idea).
2. Some profit can be taken.
3. A correction phase over the next few weeks is likely.
4. Keep holding.
5. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
JSE:J200 Top 40 Markdown About to StartAfter a backup to the TR we see some supply volume pushing the price down. There is a negative divergence on the RSI. We have been waiting for the breakdown (See posts below) which finally seems to have started.
JSE:J200 Top40 Another Opportunity to go ShortAfter forming a top and breaking below the TR formed we have now seen a back up to the range. This gives another opportunity to go short.
JSE:J200 Top40 Still Looking for Shorts on the JSEFollowing on from last weeks post the market has formed a top and broke out of the short distribution range formed at the highs. Due to the short TR we need to be conservative with the targets.
JSE:J200 Market Has TurnedLast week high volume pre-warned the decline that has started (see post link below). This indicates a good time to look for shorts.
JSE:J200 Top 40 Effort without responseLast week there was some high volume (effort) but with no progress in price (response). This indicates that some selling is taking place. After breaking the channel there has been a low volume pullback. Now after a retest, there is some volume and now I am expecting a decline in the next week.
TOP 40 - Simple AnalysisLooking at the TOP40 Index, we may derive the following from the weekly chart:
1. Price is at a notable resistance level where many rejections have occurred.
2. Prince is backtesting the weekly trend line break (purple line).
3. I am favouring a move to downside.
4. Since we are at a high, the risk is far less than trying to short once the move has occurred (if it does).
5. As always - maintain your risk management.
Let's see what happens.
Note: The views provided herein do not constitute financial advice.
SA40 maybe a bullish H&S Got good support on orange line. Looks like a upside down head and shoulders forming. Think it is a good entry close to orange line......
J200 - TOP40 JSE:J200
For people that like fractals.
Drop in October 2018 was 12 days long and drop 9% from the top or some 5000 points
Current drop is 13 days long same 9% and almost same 5000 points.
So if history repeats itself TOP40 should bounce for the first pull back.
But as it stands now this will be just pullback and more downside is on cards.
