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.

Top 40 churns with gold and rand as oil rally hits resistance

The Top 40 index continues to churn alongside gold and the rand as the oil price rally now runs into resistance. Sector strength remains concentrated in banks, select industrials and base metal miners, while precious metal counters test key levels and retailers still search for a bottom.

Inside this update:

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

J40 Cash Index

The churn continues above critical support for the J40.

ZAR

Surprisingly, the long-term trend for the USD/ZAR remains that of dollar weakness/rand strength.

Commodities

Gold

Gold has been looking vulnerable, but there are some tentative signs of hope.

Brent Crude Oil

Strong rebound brings the oil price back to resistance and overbought territory.

Financials

Financials continue to be one of the market’s outperforming sectors. 

Resources

Gold Shares

JSE-listed gold miners idling around support. 

Platinum Shares

Tight ranges on platinum miners, waiting for breakouts. 

Diversified Miners

Industrial metals continue to outperform precious metals, although there are sector favourites.

Industrials

Broader Industrials

Industrials are a mixed bag right now, although there are some significant outperformers and possible opportunities emerging. 

Retail

Retailers are the clear underperformers right now. While we may not have reached a bottom just yet, trends are now quite mature.