South African stocks respect marked zones

Source: Dukascopy Bank SA


Since the last review done on June 29, the South African stock index has respected the support and resistance zones that were marked at the start of summer. In general, the index found support in the 69,000.00/70,250.00 range and surged to test the high level zone at 73,750.00/74,730.00. The high levels held and caused a steep decline, which eventually reached and found support in the 2023 low level zone at 67,000.00/67,550.00.

Most recently, the index has recovered and was testing the 69,000.00/70,250.00 zone's resistance.

A bounce off from the 69,000.00/70,250.00 zone could result in the pair once again looking for support in the 67,000.00/67,550.00 range. A move below these levels could look for support in the 66,000.00 level, which acted as support in late 2022.

On the other hand, a move above 70,250.00 by the South African equities is expected to be slowed down by the 71,000.00, 72,000.00 and 73,000.00 levels, before the high level zone of 73,750.00/74.730.00 is tested once again.
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