The JSE is showing a 9.4% move in the next few weeks!
Looking at the JSE Top 40 chart, you can see that 12 months have passed with the JSE moving in a sideways range. It’s been moving up and down between 41,296 up to 47,254.
But recently it broke out of the 47,254 level. And that’s when it showed strong upside to come. This alone took the JSE to an all-time high of 49,141.
The ALSI 40 then retested the breakout at 47,254, and bounced right back up.
This tells me that it’s confirmed that there is not much selling lower down. And so now the JSE is ready for its next leg up.
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The ALSI 40 is set to soar to uncharted levels, get in on the action!
Sure, we can see a little bit of sideways motion in the ALSI 40 for the next few days, but as long as it’s above 47,254, we can expect the
ALSI to shoot up to it’s next high target of 52,543.
So why does this confirm upside for resource stocks then?
Well, let’s take a look at the ALSI 40 market cap. The total market cap on the ALSI is at R9,721,386,698,237 or 9.7 trillion rand.
In the top 10 stocks looking at market cap we have five resource stocks in the list.
Glencore plc has a market cap of R723,805,881,952 (7.45%)
BHP Billiton’s market cap of R525,587,069,102 (5.68%)
Anglo American plc cap is 303,370,233,264 (2.84%)
Sasol Limited market cap sits at R294,247,886,606 (2.99%)
This means out of 40 stocks, The top resource stocks makes up 18.96% market cap.
This means that if the resources market is set to rally big time, you can expect the JSE to follow suit.
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: Red Hot Storm Trader
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