South Africa 40 Cash Index price searching for support
Traders might continue to look for reversals off or breaks of levels for new positions.
South Africa 40 Cash Index
The South Africa 40 Cash Index has fallen marginally short of the 70550-resistance target, reaching a high of around 70105 before retracing back through the trailed stop level at 68515.
The price is currently trading below the next level of support at 67940.
The index remains in a broad rangebound trading environment and as such traders might continue to look for reversals off or breaks of levels for new positions.
As the index trades towards oversold territory, traders might hope for a bullish price reversal off either the 66700, 65570 or 65040 levels for long entry.
Cash adjustment expected
The South Africa 40 Cash Index is expected to adjust for a dividend in the underlying before market close on Tuesday the 9th of April for an estimated 203.6 points.
Upcoming economic data
Date |
Time |
Region |
Event |
Previous |
17 April 2024 |
10:00am |
ZAR |
Inflation Rate MoM |
1% |
17 April 2024 |
10.00am |
ZAR |
Inflation Rate YoY |
5.6% |
17 April 2024 |
8:00am |
GBP |
CPI y/y |
3.4% |
17 April 2024 |
6:00pm |
GBP |
BOE Gov Bailey Speaks |
|
18 April 2024 |
2:30pm |
USD |
Unemployment Claims |
211K |
19 April 2024 |
8:00am |
GBP |
Retail Sales m/m |
0.0% |
South Africa 40 Cash Index (previous)
The upside break of the 68515-resistance level has seen continued gains for the South Africa 40 Cash Index. The 70550-resistance level remains the favoured upside target from the move. Traders who have been long into the breakout might consider trailing their respective stop loss levels from a close below the 67940 level to a close below the 68515-support level.
Cash adjustment expected
The South Africa 40 Cash Index is expected to adjust for a dividend in the underlying before market close on Tuesday the 9th of April for an estimated 244.7 points.
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