J200 trade ideas
#JSETOP40 TOP40 Neckline test on a head and shouldersBigger picture is a neckline test on the TOP40. If this level hold, more upside to follow. If it fails, it could be followed by a quick selloff as longs scramble to get out.
#ALSI Possible inverted head and shoulders building Possible inverted head and shoulders building on the All Share Index. Could take some time to resolve the neckline however. A break could take us to the top of this multi year channel.
JSE Top 40 Index (Spot)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 strong although I am less enthusiastic to call a buy/long at current levels that I was 11 days ago. Which levels to watch? I see 49700 as a resistance zone with the 200-day MA at 49832 just above that. Following that 50066 may also act a a short term cap. Fresh longs, I would wait for the price to pull back to 48650 for a new short term entry. The RSI has recently crossed over into bullish territory and now trades at 52 while turning up.
TOP40 - Some support around the 47 540 areaLooking good for a bounce after managing to hold some minor support.
$J200 JSE TOP40 observationThe 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 weeks candle low @ 48000 is even more important. Should we see either/both of these levels breached on an end of week closing basis, it will signal a shift in market direction firmly into the hands of the bears moving into year end. If you then project the range of the pivot action (53 000 - 48400), a break below 48000 can see us move to a projected target of 43800.
Still early days but important to keep a close eye as the market is at a critical juncture here...
J200 - TOP40 JSE:J200
On Wednesday J200 closed below big rectangular consolidation and yesterday confirmed with another close.
Looks like more down side coming.
SA40 SUPPORT / CORRELATION WITH S&P500SA40 IS HIGHLY CORRELATED WITH S&P500. NOW IS IN CRITICAL SUPPORT POINT.
MOST LIKELY TO BUY ABOVE 03 OCT HIGH.
Buy JSE Top 40 IndexTrading Plan:
Buy JSE Top 40 Spot Index at current level (48232) or better
Use a stop-loss of 47970 to protect capital
Take profit at or near 48750
Published for clients at 11:15am, 02 October 2019
TOP40 - Middle GroundWe 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.
j200- SA40 has held crucial support of 48800J200-SA40 found critical support off yesterdays lows off the 48800 level. a close below this area will be quite bearish.
overall we are still trading in a much wider down trend channel from may 2019.
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.
