South Africa 40 cash index has proceeded to confirm the upside breakout with a close above resistance at 45050.
Short-term uptrend is now resuming in line with the long-term uptrend. The dynamic nature of our upward trend line revises the upside target further to 45950. The previous resistance at 45050 would now be anticipated as possible support should the price reverse.
Aggressive breakout traders would have already found long entry, while conservative breakout out traders would wait for a small retracement in price for long entry.
The bullish bias would be considered as weakening, if channel support becomes broken, however this would not indicate a reversal of trend.