JSE Industrial Index: Still in Long-term Range

The JSE Industrial Index ( J211 ) has been in a trading range since 2016 and has broken the upward trend in the process. The covid drop interestingly was not backed by volume as seen by the lack of movement in the volume RSI and low volume spike. Price has recovered back into the trading range but has shown little enthusiasm to break out. The bounce has been on low volume . The covid drop also showed relative strength compared to the overall JSE. It seems as if the range-bound conditions may continue and we will have to wait for volume to return to see if this can be broken. For now, we are stuck around 70000 ( J211 ). With the low volume there does not seem to be many opportunities in the underlying stock right now.