South Africa 40 Cash Index extends short term decline
The price has not yet moved into oversold territory, suggesting that 65040 as a revised downside support target
South Africa 40 Cash Index
The bearish price reversal (circled black) off the 67940-resistance level, and downside break (close) of the 66900-support level, highlighted in our previous note (18 March), has resulted in a relatively quick move towards the 65570-support target.
Traders who are short might now consider trailing their respective stops from the 67270 level to the current intraday high at 66250.
The price has not yet moved into oversold territory, suggesting 65040 as a revised downside support target.
South Africa 40 Cash Index (previous)
The South Africa 40 Cash Index has produced a bearish reversal off the 67940-resistance level and gone on to break (close) below support at 66900.
The reversal and downside support break suggest some further downside, with 65570 the initial support target. Traders who are short might consider using a close above the current intraday high at 67270 as a stop loss / failure indication.
Cash adjustment expected (Monday not Tuesday)
The South Africa 40 Cash Index is expected to adjust for a dividend in the underlying before market close on Monday the 18th of March for an estimated 75 points.
Key data releases this week (local & international)
Date |
Time |
Region |
Event |
Previous |
18 March 2024 |
4:00am |
CNY |
Industrial Production y/y |
6.8% |
19 March 2024 |
Tentative |
JPY |
Monetary Policy Statement |
|
19 March 2024 |
Tentative |
JPY |
BOJ Press Conference |
|
20 March 2024 |
9:00am |
GBP |
CPI y/y |
4.0% |
20 March 2024 |
8:00pm |
USD |
Federal Funds Rate |
5.50% |
20 March 2024 |
8:00pm |
USD |
FOMC Economic Projections |
|
20 March 2024 |
8:00pm |
USD |
FOMC Statement |
|
20 March 2024 |
8:30pm |
USD |
FOMC Press Conference |
|
20 March 2024 |
10:00am |
ZAR |
Inflation Rate MoM |
0.10% |
20 March 2024 |
10:00am |
ZAR |
Inflation Rate YoY |
5.30% |
21 March 2024 |
10:15am |
EUR |
French Flash Manufacturing PMI |
47.1 |
21 March 2024 |
10:15am |
EUR |
French Flash Services PMI |
48.4 |
21 March 2024 |
10:30am |
EUR |
German Flash Manufacturing PMI |
42.5 |
21 March 2024 |
10:30am |
EUR |
German Flash Services PMI |
48.3 |
21 March 2024 |
11:30am |
GBP |
Flash Manufacturing PMI |
47.5 |
21 March 2024 |
11:30am |
GBP |
Flash Services PMI |
53.8 |
21 March 2024 |
2:00pm |
GBP |
Monetary Policy Summary |
|
21 March 2024 |
2:00pm |
GBP |
MPC Official Bank Rate Votes |
2-1-6 |
21 March 2024 |
2:00pm |
GBP |
Official Bank Rate |
5.25% |
21 March 2024 |
2:30pm |
USD |
Unemployment Claims |
209K |
21 March 2024 |
3:45pm |
USD |
Flash Manufacturing PMI |
52.2 |
21 March 2024 |
3:45pm |
USD |
Flash Services PMI |
52.3 |
22 March 2024 |
9:00am |
GBP |
Retail Sales m/m |
3.40% |
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