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The SA40 Cash Index looks to have put in a reversal at horizontal support following dovish central bank guidance both locally and abroad. The price reversal (circled red) is supported by the Stochastic crossing out of oversold territory. The longer term resistance target favoured is considered at 47050. An intraday pullback to 44800 might afford a more favourable risk relative to reward for those traders not already committed to the upside. A close below 43960 would indicate the failure of the bullish reversal and could call for significant downside.