{"id":15021,"date":"2012-09-28T05:04:34","date_gmt":"2012-09-28T03:04:34","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/s-africa-stocks-rebound-charts-suggest-gains-capped\/"},"modified":"2012-09-28T05:04:34","modified_gmt":"2012-09-28T03:04:34","slug":"s-africa-stocks-rebound-charts-suggest-gains-capped","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africa-stocks-rebound-charts-suggest-gains-capped\/","title":{"rendered":"S.Africa stocks rebound, charts suggest gains capped"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Top 40 index rebounds 0.74 pct<\/span><\/p>\n

<\/span><\/p>\n

* Moody’s downgrade may weigh on mkt<\/p>\n

<\/span><\/p>\n

JOHANNESBURG, Sept 27<\/span> (Reuters) – South Africa stocks
\nrebounded on Thursday from steep losses in the previous session,
\nled by heavyweights such as world No. 1 platinum producer Anglo
\nAmerican Platinum, but a Moody’s downgrade and
\ntechnical factors could cap gains.<\/p>\n

<\/span><\/p>\n

The Top-40 index finished 0.74 percent higher at
\n31,392.10 while the wider All-Share index firmed 0.57
\npercent to 35,616.60.<\/p>\n

<\/span><\/p>\n

The Top-40 booked its biggest one-day percentage decline
\nsince early April on Wednesday on jitters over on-going illegal
\nmining strikes. While investors on Thursday bought into those
\ndips, the charts suggest the market could head down again.<\/p>\n

<\/span><\/p>\n

“What we are getting today is just a recovery off the very
\nsharp drop yesterday,” said George Glynos, managing director at
\nfinancial consultancy ETM.<\/p>\n

<\/span><\/p>\n

“But the weekly chart suggests the bias is for more of a
\nretreat. I would look to be selling up towards prior high levels
\nof 31,714 and to target a move down to 30,800, which was a prior
\nhigh on June 20,” he said.<\/p>\n

<\/span><\/p>\n

On a weekly chart, the 14-day relative strength index – a
\nmeasure of momentum – hit its oversold line about 2 weeks ago
\nand has been falling from there since.<\/p>\n

<\/span><\/p>\n

Investors may also be put in a bearish mood by a downgrade
\non Thursday, announced after the market closed, by Moody’s
\nInvestor Service, which pulled South Africa’s government bond
\nrating down one notch to Baa1 from A3.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Top 40 index rebounds 0.74 pct * Moody’s downgrade may weigh on mkt JOHANNESBURG, Sept 27 (Reuters) – South Africa stocks rebounded on Thursday from steep losses in the previous session, led by heavyweights such as world No. 1 platinum producer Anglo American Platinum, but a Moody’s downgrade and technical factors could cap gains. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15021","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15021"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15021\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}