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Our medium-term bearish outlook on USD/ZAR is approaching important target support.

Moderate further downside in this pair remains part of a multi- year consolidation and most probably not the beginning of a long -term bear trend.

Bearish US Dollar sentiment has become commonplace as the major driver behind global currency moves, including the Rand.

A short update on the JSE TOP 40 index.

The market has reached and breached our immediate bullish target levels.

This results in an adjustment to the view for an extended bull phase to higher target levels.

The market is unfortunately over- extended, giving any bullish bias a high risk factor.

A technical analysis note on Sasol, as requested by an All-In-One Member.

Many adages come to mind here, but the most apt is one I use from time to time:

“Sometimes we are not sure, and other times we just don’t know”

Current bearish sentiment on the US Dollar is potentially correct.

The luxury of being vaguely bullish or bearish does, however not quantify the more important issues of when and from where.

Technical analysis is an attempt to do just that.

The long- term bull trend remains intact but showing signs of maturing.

In this report we speculate on the medium-term possible development of a trend ending formation, with consequent corrective price action.

This technical pattern is currently the preferred stance, but still requires near term price action to develop within defined parameters, as final confirmation.

The market is currently undergoing a correction phase which is expected to lead to a bullish reversal.

The bullish trend is anticipated to reach T1/T2 levels.

The current price action is part of a larger corrective pattern, but there’s room for other formations to occur.

The K** level is crucial for the overall market outlook.

A well established, medium- term positive technical outlook on the Rand is now also becoming commonplace in the fundamental narrative. This could lead to further expected Rand appreciation.

As prevailing trend matures, we need to remain circumspect.

It is in a rattlesnakes’ nature to strike when least expected.

The longer- term view on Brent is important as confirmation of the medium-term stance.

A large trend should materialize on completion of the current consolidation phase.

Volatility within a wide range looks set to continue.

These are normally hazardous trading conditions.

Static fundamental views will get you into trouble when markets fluctuate violently.

The best alternative of a bad bunch would be to let price action guide and pivotal levels keep you out of big trouble .

The relatively stable outlook on US Dollar over the past 2 years is fast maturing.

Definitive and meaningful trends are expected to develop within the next few months and have knock on effects for global markets.

Trends are where exceptional returns are made and lost.