Trend change in Sygnia 4th Industrial Revolution?
The trend in Sygnia 4th Industrial Revolution (JSE:SYG4IR) may have changed as it appears to enter the early part of a Stan Weinstein Stage 2 uptrend. This is the second close above the 30w ema, the RSI is showing positive momentum and has regained the 50 mark. The relative strength vs the JSE Top 40 Index (JSE:J200) is trying to turn positive.
Although the PPO is still negative below the zero mark it closed on its signal line. There is also quite a bit of overhead resistance providing some headwind.
The SYG4IR benchmark, the New Economies Index in the US, shows a similar picture and could be driven higher by the broadening out of the market activity into the mid and smaller cap stocks and away from the magificent 7. This would be positive for SYG4IR especially if the ZAR weakens against the USD.
Although the PPO is still negative below the zero mark it closed on its signal line. There is also quite a bit of overhead resistance providing some headwind.
The SYG4IR benchmark, the New Economies Index in the US, shows a similar picture and could be driven higher by the broadening out of the market activity into the mid and smaller cap stocks and away from the magificent 7. This would be positive for SYG4IR especially if the ZAR weakens against the USD.