SA40 update

The latest on the SA40

SA40 13 03 2017-
  • In The SA40 Cash Index has traded to the initial downside target (horizontal red line) and made a good attempt towards the 43500 target (43744 realised)
  • The index has now formed a bullish engulfing candle pattern circled red
  • The pattern highlights the end of the short term move and possible reversal to follow
  • We think the initial short trade suggestion has now completed with the reversal and wait for the next trading opportunity
  • The trend bias remains negative and a bearish candle reversal before 45000 favours the initiation of a new short position
  • However if instead we see a close above 45000 on the current move up, a bullish chart reversal in the form of a Double Bottom would have occurred and we will look to initiate long positions instead 

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This information has been prepared by IG, a trading name of IG Markets Limited 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.