South Africa 40 Cash Index price target realised
The South Africa 40 Cash Index is not expected to adjust for a dividend in the underlying this week
South Africa 40 Cash Index
The South Africa 40 Cash Index has now reached the 74420 resistance target suggested from the bullish price reversal (circled blue) out of oversold territory.
The small-bodied candles on the move to the initial resistance target question the momentum of the move higher. In turn traders who have been long into the move might consider exiting their long trades around current levels, before waiting for a new opportunity to present itself.
A long bias to new trades is still preferred in lieu of the longer-term uptrend still in place. Ideally traders might wait for the next breakout or bullish price reversal off support for long entry once again. Should such a scenario present itself we will update guidance accordingly with targets and failure levels.
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 29th of July 2024.
Key data this week
Traders will note a busy economic calendar this week, with a number of high impact events scheduled.
Date |
Time |
Region |
Event |
30 July 2024 |
All Day |
EUR |
German Prelim CPI m/m |
30 July 2024 |
4:00pm |
USD |
CB Consumer Confidence |
30 July 2024 |
4:00pm |
USD |
JOLTS Job Openings |
31 July 2024 |
3:30am |
CNY |
Manufacturing PMI |
31 July 2024 |
Tentative |
JPY |
BOJ Policy Rate |
31 July 2024 |
Tentative |
JPY |
Monetary Policy Statement |
31 July 2024 |
Tentative |
JPY |
BOJ Outlook Report |
31 July 2024 |
Tentative |
JPY |
BOJ Press Conference |
31 July 2024 |
11:00am |
EUR |
Core CPI Flash Estimate y/y |
31 July 2024 |
11:00am |
EUR |
CPI Flash Estimate y/y |
31 July 2024 |
2:00pm |
ZAR |
Balance of Trade |
31 July 2024 |
2:15pm |
USD |
ADP Non-Farm Employment Change |
31 July 2024 |
2:30pm |
USD |
Employment Cost Index q/q |
31 July 2024 |
4:00pm |
USD |
Pending Home Sales m/m |
31 July 2024 |
8:00pm |
USD |
Federal Funds Rate |
31 July 2024 |
8:00pm |
USD |
FOMC Statement |
31 July 2024 |
8:30pm |
USD |
FOMC Press Conference |
1 August 2024 |
1:00pm |
GBP |
BoE Monetary Policy Report |
1 August 2024 |
1:00pm |
GBP |
Monetary Policy Summary |
1 August 2024 |
1:00pm |
GBP |
MPC Official Bank Rate Votes |
1 August 2024 |
1:00pm |
GBP |
Official Bank Rate |
1 August 2024 |
2:30pm |
USD |
Unemployment Claims |
1 August 2024 |
4:00pm |
USD |
ISM Manufacturing PMI |
2 August 2024 |
2:30pm |
USD |
Average Hourly Earnings m/m |
2 August 2024 |
2:30pm |
USD |
Non-Farm Employment Change |
2 August 2024 |
2:30pm |
USD |
Unemployment Rate |
South Africa 40 Cash Index - Previous
Our preferred scenario from our previous note (below) has manifested, with the South Africa 40 Cash Index having pulled back from overbought territory towards the 72185 support level.
Circled blue we see a bullish price reversal suggesting an end to the recent correction and possible resumption of the longer term uptrend. 74420 becomes the initial upside resistance target from the move. A break of this level (confirmed with a close above) would suggest 75350 as a further target. Traders who are long might consider using a close below the reversal low or 72185 support level as a stop loss indication.
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 22nd of July 2024.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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