Technical Analysis - JSE Top 40

Technical Analysis - JSE Top 40

Following the strong rebound off the lows of 48750 on 29-June, the price yesterday found resistance at it’s 200-day moving average.

The price action during the course of yesterday saw the index reach a high of 51990 before pulling back to settle at 51336, as sellers booked profits.

With US futures higher this morning, one could expect the index to consolidate around this level.

he four-day consolidation range has been fairly tight as the index trades between roughly 51200 and 51700.

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