South Africa equities are possibly entering into a strong uptrend with the completion of a 2 year-long sideways consolidation. Last week’s price action breached the multi-year trend resistance on the South Africa All Share index and pushed the local equity benchmark to all-time highs. Breakouts from multi-year consolidations usually result in multi-month trends. 54,600 levels will remain as strong support. Possible chart pattern price target for the South Africa All Share Index stands at 63,700 levels.
There are several tradable ETFs listed on the local exchange and also on the global exchanges. Below is a chart of South Africa listed ETF.
The FTSE/JSE Top40 Index is a capitalization weighted index. Companies included in this index are the 40 largest companies by market capitalization included in the FTSE/JSE All Shares Index. The mandate of the Satrix 40 portfolio is to track as closely as possible the value of the FTSE/JSE Top 40 index. Satrix 40 is an index tracking fund, registered as a Collective Investment Scheme and is also listed on the JSE Securities Exchange as an Exchange Traded Fund. The Satrix 40 provides both the price performance of the FTSE/JSE Top 40 index as well as paying out each quarter all the dividends received from the 40 companies in this index, less the net costs of running the portfolio. In order to reduce costs and minimise tracking error, the Satrix 40 Trust engages in scrip lending activities. Manufactured (taxable) dividends could arise from such transactions. Price chart formed a 2 year-long symmetrical triangle with the upper boundary standing as resistance at 4,850 levels. Last week’s price action breached the multi-year trend resistance, registering new all-time highs for the ETF. The daily close above 4,995 levels confirmed the breakout with a possible chart pattern price target of 5,720 levels. 2 year-long symmetrical triangle is possibly acting as a continuation chart pattern.
OTHER EMERGING MARKET INDICES THAT WERE FEATURED ON THE TECH CHARTS GLOBAL EQUITY MARKETS REPORT
Turkey’s BIST 100 Index had a similar multi-year symmetrical triangle that completed in the first half of 2017. Steady uptrend is headed towards the possible chart pattern price target at 121K levels.
South Korea KOSPI Index cleared multi-year horizontal resistance and completed a bullish ascending triangle. Strong uptrend can reach the possible chart pattern price target at 2,750 levels.
Thailand SET Index is possibly setting up for a strong breakout from the 3 year-long symmetrical triangle that can act as a bullish continuation chart pattern. Upper boundary of the symmetrical triangle stands at 1,580 levels. Possible chart pattern price target stands at 2,065 levels.
Similar to South Korea KOSPI Index, TAIWAN Weighted Index has a longer-term multi-decade ascending triangle chart setup that can resolve on the upside resulting in a multi-year uptrend. Strong horizontal resistance stands at 10,500 levels.
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