South Africa 40 Cash Index price at pivotal level
Traders will want to watch how the South Africa 40 Cash Index handles the 66700-support level
South Africa 40 Cash Index
The South Africa 40 Cash Index has now retraced to the next level of support at 66700.
Long scenario
For renewed gains and to consider a bullish reversal off support, we would like to see the index moving to close above near-term resistance at 67240. In this scenario, 67940 becomes the initial upside resistance target, while a close below the 66700 level would suggest the bullish reversal to have failed.
Short scenario
For continued downside, traders might instead prefer to see a close below support at 66700. In this scenario, 65570 becomes the initial support target, while a close back above the 67240 would suggest the move to have failed.
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 22 April 2024.
South Africa 40 Cash Index (previous)
The South Africa 40 Cash Index has fallen marginally short of the 70550-resistance target, reaching a high of around 70105 before retracing back through the trailed stop level at 68515.
The price is currently trading below the next level of support considered at 67940.
The index remains in a broad rangebound trading environment and as such traders might continue to look for reversals or breaks off levels for new positions.
As the index trades towards oversold territory, traders might hope for a bullish price reversal off either the 66700, 65570 or 65040 levels for long entry.
Cash adjustment expected
The South Africa 40 Cash Index is expected to adjust for a dividend in the underlying before market close on Tuesday the 9th of April for an estimated 203.6 points.
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