Brazil’s Bovespa Index again found short-term support at 54000. Narrow consolidation is a bullish sign, suggesting upward breakout above 58000. Rising 21-day Twiggs Money Flow indicates medium-term buying pressure. This is a strong rally for a bear market, but is not a sign yet that a base is forming.
South Africa’s Johannesburg Overall Index also made a reasonable rally before retreating below 30000. Penetration of the rising trendline would indicate another test of support at 28400.
