JSE:J200 Top 40 Effort Without ResponseToday we have seen a high volume bar with a small range indicating effort without response. Some demand has entered the market and a rally is possibly on the cards this week.
Top40
SA40 J200 TOP40JSE:J200
Roll over on hourly chart.
Trying to hold neckline for double top but will be very difficult.
TOP40TOP40 has closed under the 200ma and formed a massive double top which has a possible downside target of 5000 points. Price will likely go test the 200ma level again before continuing a move down.
J211 Industrial 25JSE:J211
Trading in well defined up channel. Break bellow will bring more weakness.
JSE:J200 Top40 Another Opportunity to go ShortAfter forming a top and breaking below the TR formed we have now seen a back up to the range. This gives another opportunity to go short.
JSE:J200 Top40 Still Looking for Shorts on the JSEFollowing on from last weeks post the market has formed a top and broke out of the short distribution range formed at the highs. Due to the short TR we need to be conservative with the targets.
JSE:J200 Top 40 Effort without responseLast week there was some high volume (effort) but with no progress in price (response). This indicates that some selling is taking place. After breaking the channel there has been a low volume pullback. Now after a retest, there is some volume and now I am expecting a decline in the next week.
Life Healthcare - Breakout at SupportJSE:LHC has broken through a descending resistance line which is also at a support level. I will enter a log position if it breaks through the fractal which is looking quite promising.
J200 top40 looking exhausted... $JSE $j200I have decided to have a deeper look into the technical structure of our top40 index which should give you a better technical view of what to expect from our market. Firstly interesting to note is that price has rejected off the 61.8% fib retracement using the last swing high and low that we saw between August and October last year. We have seen numerous topping tails below this fibonacci retracement whereby the market has tried to rally but price fell back to the lows of the day by the close (bearish characteristic which shows that sellers are appearing on any attempted rallies). Also interesting to note that the RSI has broken out of its uptrend, and has now retested this level and failed today. A convincing close below 49200 should give me confidence that we have seen a top in our overall top40 index. Caution advised going forward..
JSE:J200 Top 40 Approaching Resistance After a Change of Character (CoC) and major Sign of Weakness (SoW) the JSE Top 40 has been seen the start of a smaller trading range (TR). Price is now approaching the top of the TR (Round number 49000) with confluence with the 200 Day SMA and the 2019 Yearly Pivot Point. The Rally is seen on lower volume than the decline and negative divergence with the RSI. Looking for a reaction to confirm a move to the bottom of the TR in the week to come.
JSE Index ComparisonThese graphs are the relative strength comparison of the Resource, Industrial and Financial Index with the Top 40. This indicates that momentum since the beginning of 2018 is continuing in 2019. The 200 Day MA (or 40 Week MA) of the relative strength sow an increasing trend in the Resources and Financial Indices, while the Industrial Index is sharply declining. With a declining Top 40 a good sector to look for shorts is the industrial sector but there are good long opportunities in Gold and Platinum.
Flat top triangle -Wait for 9050 break on daily. Targets 99, 106Flat top triangle -Wait for 9050 break on daily. Targets 99, 106
