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South Africa 40 Cash Index Targets Realised, Downtrend Remains

South Africa 40 Cash Index Targets Realised, Downtrend Remains

2018-04-04 10:00:00
Shaun Murison, CFTe, Technical Strategist
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SA40 Cash Index

South Africa 40 Cash Index Targets Realised, Downtrend Remains

The SA40 Cash Index has continued to decline since our last note and has now realised both downside targets from last week’s guidance (below). The lay of the 20, 50 and 200 day simple moving averages reminds us of the negative trend bias and reasons for having (and continuing) to look for short entries into the index. A confirmed daily price close below 46950, calls for a move to the next level of support at 45670. An intraday pullback towards 47730 could provide another short entry opportunity, while a close above 48400 would instead be indicative of a short term bullish reversal.

SA40 Cash Index (Previous)

South Africa 40 Cash Index Targets Realised, Downtrend Remains

The downside breakout scenario on the South Africa 40 Cash Index has manifested, as marked with the red arrow on the chart. The bearish crossovers of the 20, 50 and 200 day simple moving averages (marked with the black arrow) reinforces a negative trend bias assumption. Traders not already committed to the downside breakout, might look to a rebound for short entry up until about the 50955 level. Should a rebound extend past 52100 (close above), it could be considered a stop level as we would need to reassess trend bias. 48400 is the initial downside target favoured from the breakout. A close below this level would call for 46950 as the next support target.

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