South Africa: JSE threatens breakout

The JSE Overall Index completed a similar reversal to the Brazilian Bovespa, with a break above 31500. We can now see a similar ascending triangle below 33000. Upward breakout is likely and would signal a fresh advance to 37000*. Rising 13-week Twiggs Money Flow confirms buying pressure.

JSE Overall Index

* Target calculation: 33 + ( 33 – 29 ) = 37