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- 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.