Research Note: Financial 15 Index
The primary trend for the index remains down, with a -12.15% performance month-to-date. Currently, we are seeing the price reject at the level of interest, that being the April 2007 highs of 9993. Buying interest remains in the range of 9241 and 8886 with further support at 8389. Whilst the monthly RSI suggests at an ‘oversold’ range, it also denotes long term weakness still in play. Further to the downside, failure to hold 7150 as support would see new lows being printed.
Trading Desk Analyst
Unum Capital (Pty) Ltd
An Authorised Financial Services Provider (FSP 564)