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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.
SOUTH AFRICA
- SA's top40 index managed to hold onto lateral support at 60k last week, buoyed by renewed buying momentum in mining stocks.
- Gold + 13% since April lows, now trading above $1900. Platinum, however, has eased slightly at +3.15% since the start of April, having failed to breach $1275 in May.
- Today's price action remains key in assessing whether the next leg higher towards all-time highs in March can be sustained.
- We need to see a close above the bear channel upper trendline to affirm the near-term bullish bias.
- Technical indicators have turned bullish: Price action trading above 50& 100dmas, RSI back above 50 at 61.3, MACD bullish crossover seen below the 0 line. Resistance seen at 62984 & 63969
- Sasol + 5.13% on firmer oil prices, Exxaro +2.87%, Anglo American +2.54%.
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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