Trade the Top 40 Index with Unum Capital.
To get started, email lester@unum.co.za
Update:
Breached short term support
Rally rejected into the declining 8-day EMA
Trading below it's declining 21-day EMA
Trading below it's 75-day EMA, which has started to turn lower
Trading below it's 21-week EMA, which has started to turn lower
Monthly time frame = Neutral
Weekly time frame = Weak
Daily time frame = Weak
Above a gradually rising 50-week EMA
Above a gradually rising 200-SMA SMA
Regime: Monthly, Weekly & Daily
Previous Post:
Update:
Trading in a tight consolidation range
Rejected into the declining 21-day EMA
Rejected into the declining 75-day EMA
Shifting to and consolidating below a flat 21-week EMA
Deteriorating candle structure at short term support
Above a rising 50-week EMA
Above a rising 200-SMA SMA
Previous Post: TRADING The JSE Top 40 Index
On 27 September 2024, research highlighted the index trading in a short term overbought range, from which we subsequently saw a retracement and unwind from these overbought conditions. Over the 3 months, the index has traded in a sideways range, reflecting a period of distribution among several large and mid cap constituents. The following key developments are also noted:
The price has shifted below it's 50-day EMA (the 50-day EMA has also lost it's upside momentum and is turning lower).
The price is breaking below it's 21-week EMA - a level which previous held as support on retracements.
The price continues to trade above it's 50-week EMA, which is sloping upwards. This is a positive development.
The price continues to trade above it's 200-day SMA, which is sloping upwards. This is a positive development.
The 50-week EMA and 200-day SMA are currently aligned. This range could act as a level of support on a further retracement. Do however note that the price has the ability to overshoot this range and test the swing low of 11 September at 72991.
Lester Davids
Analyst: Unum Capital
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