Flash Note: Top 40 Cash | J200 – UnumCapital
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Flash Note: Top 40 Cash | J200

Flash Note: Top 40 Cash | J200

A two-day advance has seen the index trade outside of the recent range and at 2 1/2 month high, with the rebound off the March lows being 44% or around 14800. At current levels, the index faces three strong resistance levels:

(1) the 200-day moving average. It may slightly overshoot this level and/or hover around it in a consolidation phase.
(2) the prior support, which may become resistance
(3) the prior breakdown level seen on 27 & 28 Feb 2020.

Whilst the RSI remains strong (pre-market), the 63 does represent a fairly overbought trading zone.

Lester Davids

Trading Desk Analyst

Unum Capital (Pty) Ltd
An Authorised Financial Services Provider (FSP 564)

T: +27 (0)21 201 7270             W:             E:

Lester Davids

Lester joined Unum Capital in July 2016 and is a Trading Desk Analyst focusing on local (JSE) and global multi-asset class technical strategy and research which includes idea generation.

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