JSE:STXFIN JSE Financial Index (J212) Effort without Response

Using the Satrix Fini as a proxy for the financial index we notice that we are at an important decision point. There has been a declining interest in buying the index. Buying volume in 2016, 2017 and 2018 has failed to push the index to new highs and in 2019 volume has been low. Price has reached the long term oversold trend line and a break lower could open significant downside. Early in 2020 we will watch for signs of a change of character to indicate the markets bias but this looks bearish to me.