South Africa's stock market has been trending steadily higher for nearly two years, brushing aside volatility in the U.S. and elsewhere, helped by heavy exposure to gold prices. The uptrend recently reset itself after a brief shakeout at the start of the month, putting the iShares MSCI South Africa ETF (EZA) back on our radar. EZA has reestablished short-term momentum within its long-term uptrend. A bullish crossover in the daily MACD serves as a positive technical catalyst, following a successful test of support at the 50-day moving average (MA) and the cloud model, highlighted by the shaded area on the chart. Momentum measures point higher across time frames for South Africa proxies. On the weekly chart, EZA is supported by three rising and diverging moving averages. On the monthly chart, a rising MACD histogram reinforces the long-term uptrend. Together, these signals suggest that intermediate- and long-term momentum remains healthy behind South African equities. Relative to the U.S., South Africa's equity market has delivered consistent outperformance since the start of 2025. The ratio of EZA to the S & P 500 Index (SPX) is trending higher in line with price, supported by renewed short-term momentum and long-term moving averages. This indicates that South African equities could extend their relative strength through 2026. Adding exposure after a strong advance can be hard for investors, but the recent MACD crossover strengthens the case for near-term upside follow-through. At the same time, overbought/oversold indicators do not yet signal meaningful upside exhaustion. With EZA trading near all-time highs, there is no overhead resistance. Nearby support from the daily cloud, currently in the $68 to $71 range, reinforces the uptrend and offers a reference point for stop-loss placement and risk management. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: None. 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