JSE:J200 Effort Without Response
The Top40 has been on the rise since the covid lows, however, we can now see some cracks and we could be in for a correction back to 53000 for the rest of the year. My reasoning is as follows:
- The buying climax (BC) of the latest trading range could not make it back to the overbought line showing a lack of interest.
- Divergence on the RSI leading into the BC shows the interest to push higher is gone.
- The effort (increase in volume) with each attempt to push higher could not make higher highs.
Based on this it looks like that a break of the trendline could open the path for a drop back to 53000
- The buying climax (BC) of the latest trading range could not make it back to the overbought line showing a lack of interest.
- Divergence on the RSI leading into the BC shows the interest to push higher is gone.
- The effort (increase in volume) with each attempt to push higher could not make higher highs.
Based on this it looks like that a break of the trendline could open the path for a drop back to 53000
Aviso legal
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