JSE40 closes higher for the 6th day in a row
JSE Top 40 USD Net Index (JSE40) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, JSE40 finished Wednesday at 3404.58 gaining $15.83 (0.47%). Today's close at 3404.58 marks the highest recorded closing price since February 26th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (JSE40 as at Sep 16, 2020):
Wednesday's trading range has been $40.99 (1.21%), that's far below the last trading month's daily average range of $72.68. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for JSE40.
Prices are trading close to the key technical resistance level at 3424.34 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to July's high at 3445.10 we might see further upside momentum if potential buy stops at the level get activated.