Senior Analyst, Rand Swiss

Shaun is a senior analyst specialising in derivatives trading and technical analysis across index, commodity, FX, and equity markets. With nearly 20 years of experience in financial markets, Shaun brings deep expertise to his role, presenting research and analysis to Rand Swiss clients. Shaun is a regular commentator on local and global financial markets, contributing to major media outlets including CNBC Africa, Reuters, Moneyweb, and Business Day. He produces daily and weekly market reports focused on technical analysis and trading opportunities in his core markets. As a registered person at the JSE and a Certified Financial Technician (CFTE), Shaun combines formal credentials with practical market expertise.

You can follow Shaun on Twitter at @ShaunMurison_RS for regular market updates and trading insights.

Markets tread water

Tuesday, 9 June 2026

JSE markets navigate a mixed technical picture as the J40 tests a key level, the rand extends its slide toward 16.75, and commodity weakness adds to a cautious near-term outlook.

Inside this update:

• J40 Cash Index
• ZAR
• Commodities
• JSE Sector Analysis & Trade Setups

J40 Cash Index

• We believe the index to still be in a broad range trading environment longer term.
• In the short-term, there is a downside breakout, although the J40 is also oversold at current.
• The aggressiveness of the move lower seems to supersede the strength of the rebound so far.

ZAR

USD/ZAR

The USD/ZAR produced the upside break scenario from last week, closing above the 16.29 resistance level. We have since seen an aggressive move towards the 16.75 resistance target, although momentum thereto has paused temporarily.

For now, we consider the USD/ZAR to trade mid-range with a slightly upward bias in the near term.

Commodities

Gold

A break of support at the 4,402 level sees the price of gold looking vulnerable at present. The move lower has validated 4,272 as a short- term support level. Gold bulls will hope to see this level hold as there is not much in the way of support until the 4,102 low. For renewed faith in the upside traders might hope to instead see a rebound from current with a close above the 4,402 level to imply some upside momentum.

Brent Crude Oil

Last week’s bullish reversal off support has petered out, with the price now moving to test support at 93.97.

The trend for Brent is confirmed as sideways for now. A near-term range is considered between levels 93.97 (support) and 100.63 (resistance).

For a renewed short-term directional bias, we wait for a break of either of these levels. For now, the 93.97 level is in closer proximity.

Financials

Resources

Glencore

The share price of Glencore has corrected to trend line support from where it is currently forming an intraday price reversal. We would like to see the price trading on the other side of the dotted trend line for validation of the intraday reversal. In this scenario, a retest of the high at 136.15 would be favoured, while a close below the 124.21 level instead would suggest the move to have failed.

Industrials

Naspers

Last week, the bullish move on Naspers failed as the price moved back below what appears to have been a stop loss, which was too tight. Currently, we see the share price attempting to reverse off gap support at 866.31. To confirm the reversal, we would like to see the price closing back above resistance at 899.74, before targeting a move towards 939.21 initially. In this scenario, a close below 866.31 might be used as a stop-loss signal.

The broader picture still looks like a falling wedge formation suggesting the potential beginning of a larger reversal in trend.

Remgro

The share price of Remgro looks to have formed a bullish price reversal from oversold territory. The reversal suggests a move higher with the 193-level providing the initial resistance target. Traders who are long might consider using a close below the 183.05 level as a stop loss consideration.

Retail

Shoprite

The share price of Shoprite looks to have formed a double bottom reversal pattern below the 288.87 level. The reversal suggests an end to the short-term pullback and possible gains to follow. Today’s open marked the breakout from the pattern, although we have subsequently seen the price retracing to retest this level. For confirmation of the reversal, we would like to see the price holding above the 288.87 on today’s close. In this scenario, the high at 300.62 becomes our initial upside target from the move, while a close below the 282.51 level might be used as a stop loss consideration.

Spar

The share price of Spar looks to be forming a bear flag pattern. The pattern in its current context suggests a short-term pause in the downtrend before it is resumed. Confirmation that the downtrend is resuming would come from a move below the lower trend line on the chart above. In this scenario, 46.43 becomes the initial downside target, while a close above the 54.94 level might be used as a stop loss consideration.