T40 Index
JSE Top 40 Index | J200
The Friday before last (09-December-2022) I discussed the potential for a false break out of a bull flag technical formation. This (then) potential breakout would be in line with the previous highs seen this year (January, March & April). Tuesday's strong move higher saw the index test the previous highs followed by a sharp reversal and downside follow-through, taking out the bull-bear pivot at 67791 while the index close just below it's rising 21-day Exponential Moving Average. Any ultra short term relief rally is likely to be sold at the aforementioned bull-bear pivot.
For more research insights, including trade ideas, get in touch today.
The Friday before last (09-December-2022) I discussed the potential for a false break out of a bull flag technical formation. This (then) potential breakout would be in line with the previous highs seen this year (January, March & April). Tuesday's strong move higher saw the index test the previous highs followed by a sharp reversal and downside follow-through, taking out the bull-bear pivot at 67791 while the index close just below it's rising 21-day Exponential Moving Average. Any ultra short term relief rally is likely to be sold at the aforementioned bull-bear pivot.
For more research insights, including trade ideas, get in touch today.
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