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South Africa 40 Index

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SA40 trade ideas

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.
JSE:J200
by LD_Perspectives
$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...
JSE:J200Short
by MarcoOlevano
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
by LD_Perspectives