FINI 15 INDEX – Higher target
The JSE financial 15 index (or ‘fini’) of large-cap financial stocks, has broken out above an important resistance level, and has a higher target as shown on its chart.
Recommendation: BUY
Trend: Up.
TRADE SUMMARY
- The fini 15 index has broken out of a 16-month price channel (parallel red lines), and has a higher target to 17 600.
- In the immediate short-term it has pulled back towards its breakout level around 15 900.
- Large-cap financials stocks are to be bought on weakness.
- A close below 15 500 on this index would negate the above analysis.
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