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Johannesburg - The JSE is steadily continuing its Christmas run.
The 32 000 level for the all-share index is beckoning and, if it can consolidate above that level, 32 966 is possible – a high for the year.
Investors can rest easy as long as the index consolidates above 31 200. The market is technically still overbought, holding the threat of a couple of percentage points’ correction.
FirstRand
If investors believe that the recent corporate restructuring of FirstRand [JSE:FSR] will be positive for the future, a technical “buy” could be considered around current levels.
A stop-loss of R17.60 is recommended to limit losses, and a decline to under the A support line could serve as a warning of investors’ scepticism about recent developments at the financial services group.
Anglo American
Anglo American [JSE:AGL] investors should note the possible formation of a triple top on the weekly share-price movement graph. Technically this is not a good sign.
Resistance line A will form the pendulum for the formation.
If Anglo’s share price consolidates above R342 for a couple of days, the formation is removed and levels of R350, R370 and even R400 are attainable in future.
A drop and consolidation below R325 would send an early technical warning that the formation is gathering momentum. This could signal a technical “sell” and the share might fall back to levels of R300 and R282.
The 32 000 level for the all-share index is beckoning and, if it can consolidate above that level, 32 966 is possible – a high for the year.
Investors can rest easy as long as the index consolidates above 31 200. The market is technically still overbought, holding the threat of a couple of percentage points’ correction.
FirstRand
If investors believe that the recent corporate restructuring of FirstRand [JSE:FSR] will be positive for the future, a technical “buy” could be considered around current levels.
A stop-loss of R17.60 is recommended to limit losses, and a decline to under the A support line could serve as a warning of investors’ scepticism about recent developments at the financial services group.
Anglo American
Anglo American [JSE:AGL] investors should note the possible formation of a triple top on the weekly share-price movement graph. Technically this is not a good sign.
Resistance line A will form the pendulum for the formation.
If Anglo’s share price consolidates above R342 for a couple of days, the formation is removed and levels of R350, R370 and even R400 are attainable in future.
A drop and consolidation below R325 would send an early technical warning that the formation is gathering momentum. This could signal a technical “sell” and the share might fall back to levels of R300 and R282.
