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South Africa 40 Cash Index Upward Momentum Gaining Traction

South Africa 40 Cash Index Upward Momentum Gaining Traction

2018-03-12 08:43:00
Shaun Murison, CFTe, Technical Strategist
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SA40 Cash Index

South Africa 40 Cash Index Upward Momentum Gaining Traction

The SA40 Cash Index has traded through our initial target at 52345 and is nearing our secondary target at 53090. The momentum up has regained some traction. A close above the 53090 level calls for the high at 54790 as our next resistance target. Traders not already committed to the long side might look to intraday pullbacks for new entry opportunities. The dotted trend line is now being used as a trailing stop. Should a pullback instead extend to a price close below this trend line, we would be looking to exit the trade.

Important to note, those trading the SA40 Cash Index will be subject to a dividend adjustment on Tuesday 13 March, which is currently estimated to be around 103 points.

SA40 Cash Index (Previous)

South Africa 40 Cash Index Upward Momentum Gaining Traction

The SA40 Cash Index did not extend the gains we had previously hoped for, but instead continued to retrace back towards the 50681 support level. As in our previous guidance, we still maintain a bullish bias to trades. Those using a close below 50681 as the failure level last week, would stillbe in long positions on the Index, although under pressure. The blue arrows highlight long lower wicks on the candles which have tested the 50681 level of support. This shows a price rejection and reinforces buying support at this level. From current levels we consider a short term range trade opportunity, with the initial upside target considered at 52345. A close above 52345 considers 53090 as the next resistance target favoured. We continue to use a close below 50681 as the failure level for the trade consideration.

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