Telkom: On a long term basis, TKG continues to trade in a downward trend, with the most recent medium term range between 22.40 (support) and 29.82 (resistance). We note the strong resistance in place at the 31.80 to 33.20 level which is also in line with the September 2011 breakdown level. In order for the stock to regain upward momentum or the medium to long term, we need 31.20-32.00 to turn into a support zone. A break below 22.40 sets the share up to test R17.00.