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
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 |
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