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The SA40 Index has retraced from overbought territory to our initial trend line support level at 45770. There is as of yet no sign of an intraday reversal to support buying and we expect a test of the trend line support at 45400 next. Traders looking to get long might prefer to wait for a bullish reversal from this level or a break of the short term downward trend line before reconsidering 47045 as the initial upside target. A move below 44800 would necessitate the medium term uptrend to be reassessed.