The South Africa 40 Cash Index has moved to test range resistance after the bullish price reversals off range support at 72185. Traders who have been long might consider exiting their trades at current levels before waiting for a new trading opportunity to manifest.
The long term trend bias for the index remains up, while in the near term a consolidation persists between levels 72185 (support) and 74420 (resistance).
The long term uptrend still favours keeping a long bias to positions. The short term consolidation suggests waiting for either a bullish price reversal off support or break of resistance for long entry.
Should either scenario present itself we sill update guidance accordingly with targets and failure levels.
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 8 July 2024.
Source link : https://www.ig.com/za/news-and-trade-ideas/south-africa-40-cash-index-price-breaks-resistance-but-remains-o-240716
Author :
Publish date : 2024-07-16 12:20:35
Copyright for syndicated content belongs to the linked Source.