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Richemont was the biggest gainer on the Top 40 yesterday and investors may have been thinking it was about time given that the share price has been stagnant since June. Whilst looking attractive and as though it was about ready to reverse its nearly twelve month downward trend, the diagonal resistance proved to be too strong. We have now seen a strong break above 8700c and the previously noted neckline of the inverse head and shoulders pattern in August. The move came on very strong volume; 259% of the normalized volume in fact, verifying the break out of the downward channel. Looking at the oscillator and we have yet to see it move into overbought territory and given the depreciation of the Rand against major currencies we could continue to see the share price eke out further gains closer to a target of at least 9300c. Previous resistance at 9000c now becomes new support and a pullback to this level may be considered a buying opportunity for bulls. The summons and pending appearance of Finance Minister Pravin Gordhan will continue to negatively affect our local currency, local equities; in particular banks, foreign inflows and overall confidence in the political leadership of South Africa.