After falling just short of the 47540 resistance target, the
South Africa 40 cash index has fallen back to support at 45180. The index now looks to have moved into a short term consolidation (highlighted by the red square).
The long tails on the candles marked with green arrows show the price being rejected below the 45180 level, with the index has been bought back on three different occasions to close above the level once again. With this in mind, the downside breakout level has now been revised to the lows of the tail at 44880.
A close below 44880 considers further downside with the initial target being the previous low at 43830. In this situation failure of a downside move is considered with a close above 45180. For renewed faith in an upside move, a close above the 46045 level is necessary.
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