JSE Top 40 Index

Research Notes May 2026 > https://www.unum.capital/post/rmay2026

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Published on Thursday 21 May at 17h41 for Friday 22 May.

The index remains largely rangebound, trading flat on the year and continuing to unwind from the massive outperformance seen in 2025. In the medium term, opportunities on both the long (buy) and short (sell) side have provided opportunities while the short term has seen lacklustre price action, with lower higher having started to develop. The 105,758 level is currently a support zone, which is appears vulnerable to being breached (on the downside). To invalidate the short term bearish trend, we would need to strong candle structure with a bullish candle, that engulfs several sessions. The overall bias is neutral with the price trading (stuck) between short term and medium term moving averages. A deeper pullback would offer another opportunity to buy into weakness.

Lester Davids

Senior Investment Analyst: Unum Capital