South African Stock Slump Is Looking Like '08 Bear Market: Chart

South Africa’s benchmark stock index has been trading below its 200-day moving average for three months. The last time that happened, in 2008, the index was in a bear market, falling 46 percent over five months. This time, the gauge has dropped 12 percent from its Nov. 4 peak, and more losses may be in store, according to Peet Serfontein, a technical analyst at Nedbank Group Ltd. in Johannesburg. “The 200-day moving average is the major psychological level,” he said. “So you’ve already got a bearish stance.”

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