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Top40 Index at Critical Crossroads: 60k Level Under Pressure

  • SA's Top40 index has been struggling for traction above 60k in recent weeks with a descending channel pattern holding since the March high at 64k.
  • Price action needs to reassert itself above the 100dma in today's session to re-establish some further upside momentum, or risk seeing a break of the 60k level in the coming sessions.
  • Long topside wicks in the past 3 sessions' daily candles indicate selling pressure towards the 61k level.
  • RSI remains in bearish territory below 50 at 46.63 & the 50dma is threatening to make a bearish crossover with the 100dma.
  • Price action will need to overcome both Mas and the topside of the channel (~61.8k) to re-establish the uptrend.
  • Index heavyweight, Naspers, has been under pressure since Late Feb – mirroring price action in Tencent and weighing on the Top40.
  • However, signs of a double bottom in Tencent and a more buoyant CSI300 may add support, should risk sentiment remain accommodative.

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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