JSE Top 40 Index

Research: October 2026 > https://www.unum.capital/post/roct2026

The JSE Top 40 Index is attempting to stabilize, having printed 'doji' candle formation on Thursday which was followed by a strong close on Friday. This close was in line with the declining 8-day exponential moving average which the price continued to trade below since it's breakdown on 10 September. The rebound is in line with the support level that has held since November 2025 (99300 to 99900), and, which remains vulnerable to a breakdown. From current levels, taking into account the position of the price and slope of the moving averages, it is likely that a rally into the 21-day (102800) is likely to be sold while the declining 8-week and 21-week EMA may also act as a resistance zone on stronger rebounds.

Prepared for Monday 12 October 2026.

Lester Davids

Senior Investment Analyst: Unum Capital