JSE Top 40 Tests 107,200 Support as US-Iran Tensions – Bounce or Breakdown Ahead?

Quick overview

The FTSE/JSE All Share Index (ALSI) is trading around the 115,900 – 116,500 mark as of April 24th 2026; all of a sudden it’s down roughly 0.4- 0.5% in the course of the day. Meanwhile the Top 40 Index isn’t faring any better – its hovering just near 108,000-108,700. This is coming off the back of a pretty tough session on April 23rd, it was down around 1.3-1.5%.

Despite all this the index is still up a fairly substantial 35-37% year on year but it has faced some pretty sharp drawdowns recently – partly due to sustained volatility.

Key Drivers Today

• Geopolitical tensions & oil prices are piling on the pressure: There’s still a lot of uncertainty hanging over the US-Iran ceasefire extension and the Strait of Hormuz, its all feeding into a pretty risk averse mood and nobody really wants to be hanging around for higher oil prices and a weaker Rand (which is going the other way against the USD) aren’t helping either. All of this is putting a lot of pressure on the resource-heavy shares (mining, energy, and platinum group metals) which make up a big chunk of the Top 40.
• Resource sector gets hammered: Mining and platinum group metals shares are some of the worst hit (e.g. AngloGold Ashanti, Northam, Impala, Harmony, Sibanye are all down 3-5%+) – all of this just reflects how commodity volatility and the weaker Rand are playing havoc.
• The wider market context: The JSE has been feeling the effects of sustained volatility in April, it’s a bit of a risk-off vibe globally and there’s also some domestic economic worries to contend with.

Sector Snapshot

• Gainers: Stocks like Sasol (SOL) are often doing a bit better when oil prices go up.
• Losers: Platinum and gold miners (e.g. Impala Platinum, Harmony, Sibanye Stillwater) and the broader resources sector are all getting hit pretty hard amid commodity price volatility and the weak Rand.

JSE Top 40 Technical Analysis

The JSE Top 40 on the 4 hour chart is kind of stabilizing around 110,200 – its holding above a rising trendline that has been guiding price since the March lows near 98,000.

Now that area acts as a bit of a pivot, especially as price is interacting with the 200 MA near 109,780, while the 50 MA is sitting just above at 110,990, capping any immediate upside.

Price recently tested the trendline and managed a bit of a bounce, which suggests buyers are still keen to defend their position. However, the momentum is still pretty weak, with the RSI hovering in the low 40s – its telling us there’s not a lot of conviction there.

Key Levels:

• Resistance: 110,990 -> 111,276 -> 113,770
• Support: 109,780 -> 108,928 -> 107,198

Trade Idea: Go long if the price breaks through 111,000 and target 113,700. Stop below 109,700.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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