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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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SA40 Cash Index

SA40 Cash Index update

Shaun Murison

Shaun Murison
Senior Market Analyst, Johannesburg

Publication date : 2017-05-18T12:54:11+0100

  • The SA40 Cash Index has conformed to Tuesdays guidance (see below) in proving 47200 to be a level for accumulation
  • Currently we see the index moving towards our initial target and todays move looks like a break of a small flag formation (parallel blue lines)
  • This is considered a bullish formation and supports the view that the short term uptrend is now continuing in line with the longer term uptrend
  • On a very short term trading view, traders might consider tightening the failure level to a close below 47050, in light of the global political risk currently 
SA40 18 05 2017-min (1)

 

SA40 Cash Index- 16 May

 

  • The SA40 Cash Index initially extended gains from the recent break of the 47200 level, although has since pulled back before realising the first upside target suggested last week
  • The price is now finding support at what was previous resistance (and the breakout level) at 47200
  • The long lower wicks on the candles marked with the blue arrows, show 47200 to be a point of short term accumulation and in turn this is considered an area for long entry in line with the upward trend
  • 48050 remains the initial upside target favoured, a break of which further favours 48665 as the next upside resistance target
  • These resistance targets are derived from historical levels on the index not shown on the chart above as to avoid congestion
  • The failure level is now considered a close below 46500
  • Should the initial target of 48050 be realized the failure level would be moved to a close below 47200
  •  
SA40 (2) 18 05 2017-min

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This information has been prepared by IG, a trading name of IG Markets Limited 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in order to utilise their foreign investment allowance should the South African resident wish to open an offshore account with IG Markets Limited.

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