JSE Overall Index retreats

The JSE Overall Index retreated below the former primary support level of 30000, strong volume [R] warning of selling pressure. Breach of the rising trendline would indicate another test of support at 28400. Failure of support would offer a target of 26000*, but this is not yet a foregone conclusion, with an up-tick in volume [S] indicating some buying support.

Johannesburg Overall Index

* Target calculation: 28.5 – ( 31 – 28.5 ) = 26