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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
- 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 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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