$SA40 JSE TOP40 index - is it time for a retracement?

11 ביולי 2020

The top40 index bumped into weekly downtrend resistance @ 52200 connecting multiple tops since 2017. Given the one-sided rally off the march lows, the probability favors a bit of a pause and retracement before an attempt to break out through the oncoming resistance. I would be quite surprised to see the index break out to new highs without some sort of pause/consolidation in price. Should we begin to retrace off 52200, levels we could target are likely 48000 and 46000.