Charting new depths
But it’s an opportunity for short sellers to profit
WITH THE INTERNATIONAL financial crisis not letting up, the JSE’s all-share index has broken below an important support level shown in this column in recent weeks. We look at its chart for a current downside target. We also look at a chart of Anglo American, which is currently the second largest stock on the JSE (after BHP Billiton), to also determine a downside target for it. The charts of both the all-share index and Anglo were, at the time of writing, pointing to at least another 10% downside to come. Short sellers will continue to profit.
Please note: For more charts by the author on shares, indices and commodities please go to www. themarket.co.za.