South Africa 40 Cash Index price testing resistance
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 long trade scenario from our previous note has manifested with the South Africa 40 Cash Index holding the 66700 level and closing above 67240. The 67940 target has now been realized, with the price currently testing a break of this level. A close above would confirm a break and suggest the 68515 as the next upside resistance target. Traders who are long might consider trailing their respective stops to the midpoint of the 67240 to 67940 range at 67590.
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.
Key data this week
Date |
Time |
Region |
Event |
Previous |
25 April 2024 |
2:30pm |
USD |
Advance GDP q/q |
3.4% |
25 April 2024 |
2:30pm |
USD |
Unemployment Claims |
212K |
25 April 2024 |
11:30am |
ZAR |
PPI MoM |
0.5% |
25 April 2024 |
11:30am |
ZAR |
PPI YoY |
4.5% |
25 April 2024 |
4:00pm |
USD |
Pending Home Sales m/m |
1.6% |
26 April 2024 |
Tentative |
JPY |
BOJ Policy Rate |
<0.10% |
26 April 2024 |
Tentative |
JPY |
Monetary Policy Statement |
|
26 April 2024 |
Tentative |
JPY |
BOJ Outlook Report |
|
26 April 2024 |
Tentative |
JPY |
BOJ Press Conference |
|
26 April 2024 |
2:30pm |
USD |
Core PCE Price Index m/m |
0.3% |
26 April 2024 |
4:00pm |
USD |
Revised UoM Consumer Sentiment |
77.9 |
South Africa 40 Cash Index (previous)
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.
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