JSE Top 40 Index: Strong Rebound (+3200 Points) - Friday, 20 September 2024

Lester Davids
Sep 20, 2024
1 min read

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'.