JSE Top 40 Index - Thursday, 27 June 2024

On Wednesday, sellers overpowered buyers, sending the index lower by breaching the support level that had been held over the previous 3 to 5 sessions. The index closed at the lows of the day, in line with the 8-day EMA, which appears vulnerable to a breach upon analysis of the candle structure. As per the end of day reading via the Tactical Trading Guide, the 21-day EMA (~71947)is a next best potential level of support and potential re-accumulation zone.

Lester Davids

Analyst: Unum Capital