In the bottoom window we see the JSE-General Retail index bouncing off Fibonacci support on the weekly graph. The index confirms support this week. In the top wiindow we look at the ratio of the Retail index to the average of the market (JSE Alsi40). The rising trend of the black line indicates that the retail sector outperforms the Alsi40.
The ratio pulled back over the last few months to come and test the moving average. We expect retail shares to resume their outperformance from here on forward.
