top of page
Writer's pictureLester Davids

JSE Top 40 Index: Broad-Based Buying Supports A Nearly 4000 Point Rally

Wednesday, 25 September 2024, Pre-Market


The buy re-entry range at the rising 21-week EMA is likely to return close to 4000 points should the positive sentiment from the Chinese government stimulus translate into strong buying. In total the, both the short (1st) and then long side has generated roughly 8000 points over the month. At current levels, the price action/candle structure remains strong, with the current short term rating being high bullish momentum / approaching overbought.



[Premium Post] Zooming out on the JSE Top 40 Index, here's what I noticed [READ NOW]


 

Previous Post: Friday, 20 September 2024


REAL-TIME: 12H49

Ticker: J200 or SA40


Short Term Update + Analysis. On Monday 09 September, the rising 21-week exponential moving average was flagged as a buy/long re-entry. The index then traded into this level, which was followed by a bullish V-shaped reversal which reflected strong interest from market participants who have looked to re-accumulate following the previous unwind from a short term overbought range. From 73000, the index advanced to test a short term high of a 76278 on Thursday, which was just below the previous breakout level. The technical trend rating has since shifted from 'high bearish momentum/approaching oversold' to 'strong'.



 

Previous Post (Tuesday 17 September 2024)

REAL-TIME: 15H06

Ticker: J200 or SA40




Previous view, as communicated:



Lester Davids

Analyst: Unum Capital


Recent Posts

See All

Comments


bottom of page