Chart­ing new depths

But it’s an op­por­tu­nity for short sell­ers to profit

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

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.

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