JSE Top 40 Slides Toward 105,000 as Triangle Breakdown Looms?

As of April 28, 2026, around 9am, when the markets finally opened, the FTSE/JSE All Share Index was hovering at around 115,830 – 115,900, down a pretty sizeable 0.6% from the close of 116,566 on Friday. And it looks like the Top 40 Index is following a similar trend, with broad-based weakness being seen in the resources and financial sectors.

Key Drivers This Week

• Geopolitical jitters & Energy Costs: All the renewed US-Iran tensions, rand volatility and the fact that energy costs keep going up are really weighing on the market right now – and this is shaping up to be one of the JSE’s worst months in nearly two decades. And yet, to the best of all that’s going wrong, the JSE’s total market capitalisation has actually just broken R8.17 trillion.
• Commodity Exposure getting Smacked: Stocks that are heavily reliant on resources (mining, platinum group metals) are really getting hammered right now, as global investors are running away from risky assets and commodity prices are falling – and this is more than offsetting any earlier gains.
• Some Good News on the JSE: The JSE is actually expanding its product range with some new listing – including a first for Africa, a nature-linked performance bond. There are also new actively managed ETFs. And corporate activity is still quite steady, with loads of companies due to release their results and hold their AGMs this week.

Overall, the fundamentals are telling us that we should be in cautious mode, with global risks keeping the JSE’s local resilience from shining through.

JSE Top 40 – A Technical Analysis

The JSE Top 40 starts out this week in tough shape, trading at around 107,500 ZAR after slipping below a rising trendline on the 4H chart. Right now the price action is stuck in a symmetrical triangle, but recent candlesticks are looking bearish – because the index just can’t seem to get back above that 50smma (109,445) and it’s been capped below the 200smma near 109,520. And that’s a really strong resistance zone – which is just putting the index more at risk of a big move downwards.

Breaking below 108,000 is looking pretty bad for the index – with more and more lower highs forming as it’s been struggling to get above 113,700. The RSI is currently hanging around 35-40 – which means the momentum is bearish, but it’s not quite extreme yet.

The key numbers are…

• Resistance: 109,500 → 111,300
• Support: 107,200 → 105,150 → 102,600

The Trade Idea: If the index breaks below 108,000 we’d look to sell, targeting 105,150 – with a stop loss above 109,500.

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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