JSE to hopefully break above the Vuvuzela formation T to 75,000

2023年7月24日

This week I remain an optimist that we will see a higher low with the JSE.

And it will soon (not sure when) break up and out of the long extended Vuvuzela formation.

Once it does my first short term target will be to 75,000.

Every year it seems the JSE is testing traders more and more.

Some fundamental news: Someone asked about what happens with the Interest Rates staying put last week in South Africa?

Here are my thoughts...

In the short term it's normally a bullish sign as it will stimulate economic and GDP growth. It's cheaper for businesses to borrow money.

On the other side the interest rates are still very high and in the medium to long term, this will discourage spending and will encourage savings as there is a better ROI keeping money in the bank...

As traders, we react on the short term and hopefully with the interest rates on hold, it will push up buying and demand.

Then we can get our rally we've anticipated for the last 7 months.

I'm starting to feel like Clive Roffey, where you see the impending upside, but there are just no confirmation catalysts to boost it.