The SA40 cash index hourly chart shows the price to have broken out of a bullish wedge formation. Circled blue we see a bearish engulfing candle pattern signalling the end of the upward move for now, alluding to a possible pullback in price. The wedge formation is bullish as is the momentum of the intraday trading activity. With this in mind should a pullback occur (as per the bearish engulfing guidance) it could afford a second opportunity at long entry near wedge support at 46300 favouring 46500 as the initial upside target. Failure of the bullish intention suggested by the wedge formation could be considered should the price close below horizontal support at 46100.
From IG