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JSE Top 40 Cash Index price forecast dividend notification and key data to watch this week 28 June

South Africa Top 40 Index price breaks resistance but longer term trend bias remains negative

Source: Bloomberg
Source: IG Charts
Source: IG Charts

After failing at gap resistance twice (marked with black arrows), the South Africa 40 Cash Index has managed to now break the 61340 level at its third attempt.

The upside breakout continues the bullish price reversal (circled blue) around the 59150 support level.

The breakout suggests 63500, a confluence of both lateral and trend line resistance as the initial upside target from the breakout. However, the moving averages continue to suggest our trend bias to be down.

In turn we are not looking for long positions into the current move higher, but rather looking for a bearish price reversal before the 63500 resistance level to consider short entry on the index.


Cash Adjustment notification

Please note that the South Africa Cash 40 Index will adjust for a dividend in the underlying on Tuesday the 28th of January, currently estimated at 17.9 points

Key economic data to watch

Date Time Region Event

29 June

12:30 pm

USD

FOMC Member Mester Speaks

29 June

2:30 pm

USD

Final GDP q/q

29 June

3:30 pm

EUR

ECB President Lagarde Speaks

29 June

3:30 pm

GBP

BOE Gov Bailey Speaks

29 June

3:30 pm

USD

Fed Chair Powell Speaks

30 June

11:30 am

ZAR

PPI y/y

30 June

2:00 pm

ZAR

Trade Balance

30 June

2:30 pm

USD

Core PCE Price Index m/m

1 July

11:30 am

ZAR

Business Confidence Index

1 July

4:00 pm

USD

ISM Manufacturing PMI

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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