watch for some consolidation above this 18.00 USDZAR level. If we see equity markets settling and some return to risk assets in the next few days, we could see zar move back to 17.50-17.60 in the short term. Extended strength could see us back to around 17 which would coincide with the lower end of this channel.
JSE:GLN sins are finally catching up with the share price in the JSE, after admission of guilt in US & Europe. The stock was weak last week, it's trading below key MAs. I expect JSE:GLN to continue to push lower, resources stocks are weak, there's enough downward momentum in the sector, that can help JSE:GLN to break the horizontal support.
The budget speech takes place later on today and the recent events in South Africa has created an impression that lacks confidence from investors. The Eskom debt and maintenance debacle is not going down well with Pravin Gordhan holding his cards close to his chest on plans to get the troubled utility back on its feet and avoid affecting businesses as has...
Bad news in South Africa (power utility troubles caused the price to rally extremely high). The situation is somewhat normalized as of now but insolvency issues for the power utility company still persist. RSI shows super overbought so expect a drop sometime soon after slightly more uptrend and perhaps sideways. This is still in a strong downtrend on the...