South African stocks trade near 2023 low levels

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The South African stock index passed below the 69,000.00 level in late August. Afterwards, support was found in the 2023 March low level zone at 67,000.00/67,500.00. After finding support the index confirmed the 69,000.00/70,000.00 range as resistance. Since these events, the stocks have traded between the mentioned support and resistance zones.

A move below 67,000.00 could result in the stock index testing the support of the late November low levels near 66,000.00 Further below, note the impact of the 62,000.00 mark. Meanwhile, there is a gap near 65,000.00, which in theory should be filled.

In the case of a potential recovery of the South African stocks the index should pass above 70,000.00, before attempting to reach the resistance of the 72,000.00 and 73,000.00 levels.
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