The sign of negative divergence outside the resistance and overbought territory suggests a dip to follow. Traders who are short can simply aim to return to the 66450 point, while employing a close above the resistance at 68970 to avoid losses on the trade. If you are looking for more confirmation before entering new short positions, you may prefer to see a close below the 67580 point first.
No monetary tightening expected
Traders will know that the South Africa 40 Cash Index is expected to adjust to receive a dividend on the underlying this week (from November 20, 2023).
The bearish reversal (circled in blue) from the overbought territory highlighted in our previous note was confirmed, allowing the South Africa 40 Cash Index to advance towards the 65,100 target.
The stock is now trading in a tight diversity between the 65,100 (support) and 66,450 (resistance) levels.
Traders would likely wait for a breakout of either of those levels before taking another directional trade.
When the breakout situation arises, we will update our view with the targets and levels of failure.
No monetary tightening expected
Traders will know that the South Africa 40 Cash Index is expected to adjust to receive a dividend on the underlying this week (from November 13, 2023).
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