South African Markets

An analysis of the projected future movement of a currency pair (USD/ZAR) using technical analysis.

The analysis suggests a long-term bearish correction with potential for further consolidation, eventually leading to a bullish trend.

To search for high probability medium term trade and investment opportunities by capitalizing on definitive trends.

Medium- and short-term price action point to messy range trading into the end of the year.

The Expected bull trend to new highs might then only materialize in 2025.

Note : As per usual this week will be the final reporting schedule for 2024.

While the recent bullish view and important target levels are retained,

Non classical short term market action and subdivisions in the move from 17.29 to current levels continues.

The preferred and illustrated interim outcome is therefore subject to a measure of short-term uncertainty.

Please find attached the JSE TOP 40 index update

The expected bull trend could be maturing as it approaches important target areas.

While the recent bullish view and important target levels are retained, limited subdivisions in the move from 17.29 to current levels creates a measure of short-term uncertainty.

We will update the interim outlook as more price evidence avails itself.

Please find attached the weekly JSE TOPI Index update.

Event risk has added a fair amount of volatility, but without a meaningful change in the prevailing view.

The interim Report of a possible down break through important support levels were put on hold after a sharp bullish reversal off the important support/ break levels.

Whereto from here: While volatility decreases certainty and creates doubt, it seems that the long held technical outcome remains preferred.

Please find the generally requested medium term update on the USD/ZAR pair.

The expected and current market consolidation seems to be forming a bullish continuation pattern.

This phase is most probably building a base for further gains, as part of the larger bull trend.