South Africa 40 Cash Index price looks to resume uptrend
The South Africa 40 Cash Index is expected to adjust for a dividend in the underlying of around 87.1 points on Tuesday the 15th of October 2024.
South Africa 40 Cash Index
The price of the South African 40 Cash Index has broken above the black dotted line on our chart, suggesting that the short-term trend is resuming in line with the longer-term uptrend still firmly in place.
80075 becomes the initial upside resistance target from the move, while a close below support at 77050 might be used as a stop loss consideration.
Cash adjustment expected
The South Africa 40 Cash Index is expected to adjust for a dividend in the underlying of around 87.1 points on Tuesday the 15th of October 2024.
South Africa 40 Cash Index (previous)
Since the bearish price reversal (circled red) highlighted in a previous note, the South Africa 40 Cash Index has continued to correct from all-time high and overbought territory.
The long-term trend remains up for the index. As such trend followers will still look to keeping a long bias to positions on the index.
For long entry a bullish price reversal off one of the labelled support levels on our chart, or a close above the dotted trend line might provide the next opportunity.
In a bullish reversal scenario, traders might look to using a close below the reversal low as a stop loss consideration.
Should the price break above the dotted trend line before reaching support at 77600, a close below the 77600 level might be used as a stop loss indication.
Overhead resistance at 80485 provides the longer-term price target for the index.
Cash adjustment expected
The South Africa 40 Cash Index is expected to adjust for a dividend in the underlying of around 164.6 points on Tuesday the 8th of October 2024.
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