South Africa 40 Cash Index confirms price reversal off support
The South Africa 40 Cash Index has now confirmed a bullish price reversal off the 70850-support level.
South Africa 40 Cash Index
The South Africa 40 Cash Index has now confirmed a bullish price reversal off the 70850-support level. The price reversal is further supported by a move out of oversold territory.
In turn, a short-term resumption of the longer-term uptrend is considered, with 72185 the initial upside resistance target. A close below the reversal low at 69400 might be used as a stop loss consideration.
No cash adjustment expected
The South Africa 40 Cash Index is not expected to adjust for a dividend in the underlying for the week commencing 3rd of June 2024.
Key data this week
Date |
Time |
Region |
Event |
Previous |
4 June 2024 |
10:00am |
ZAR |
Q1 GDP |
|
4 June 2024 |
4:00pm |
USD |
JOLTS Job Openings |
8.49M |
5 June 2024 |
2:15pm |
USD |
ADP Non-Farm Employment Change |
192K |
5 June 2024 |
4:00pm |
USD |
ISM Services PMI |
49.4 |
6 June 2024 |
11:00am |
ZAR |
Current Account |
|
6 June 2024 |
11:00am |
ZAR |
Current Account % of GDP |
|
6 June 2024 |
2:15pm |
EUR |
Main Refinancing Rate |
4.5% |
6 June 2024 |
2:15pm |
EUR |
Monetary Policy Statement |
|
6 June 2024 |
2:30pm |
USD |
Unemployment Claims |
|
6 June 2024 |
2:45pm |
EUR |
ECB Press Conference |
|
7 June 2024 |
2:30pm |
USD |
Average Hourly Earnings m/m |
0.2% |
7 June 2024 |
2:30pm |
USD |
Non-Farm Employment Change |
175K |
7 June 2024 |
2:30pm |
USD |
Unemployment Rate |
3.9% |
South Africa 40 Cash Index (previous)
The South Africa 40 Cash Index has continued to retrace in a risk off global market environment and through the local elections.
The price is now in oversold territory and attempting to form a bullish price reversal off the 70850-support level. A bullish reversal would be considered if the current candle manages to close closer to the high of the session that the low. In this scenario, a short-term resumption of the longer term uptrend would be considered, with 72185 the initial upside resistance target. A close below the reversal low (should the bullish reversal confirm) at 69400 might be used as a stop loss consideration.
No cash adjustment expected
The South Africa 40 Cash Index is not expected to adjust for a dividend in the underlying for the week commencing 3rd of June 2024.
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