Snap-back re­lief in sight

But beware the down­side

Finweek English Edition - - Creating Wealth - COLIN ABRAMS colin@the­mar­ket.co.za Tech­ni­cal an­a­lyst

JULY WAS ONE OF the most volatile months ex­pe­ri­enced on the JSE for a long time. We look at a chart of the JSE all-share in­dex to get an idea of where prices are head­ing over the short to medium term. We also look at a chart of steel pro­ducer ArcelorMit­tal (Ar­cMit- tal), which re­ported a pos­i­tive set of num­bers last week. The Alsi’s chart points to a short-term re­lief rally to come but there­after the in­dex will be vul­ner­a­ble to more down­side. Like­wise for Ar­cMit­tal: it’s lin­ing up for a good short-term rally be­fore an­other wave of sell­ing.

Please note: For more tech­ni­cal anal­y­sis by the au­thor on shares, in­dices and com­modi­ties please go to www.the­mar­ket.co.za.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.