You got bitten somewhere .... Trend Factor

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Derek  7 Dec 2017

Morning,

International:
Corrections are still the order of the day, but the downward momentum has significantly reduced.
I show the DAX that came to touch its support again. The more touches the stronger the support! I show all the touches.



Tencent has now corrected all the way to the 50 day moving average (Dark blue line). The 50 day moving average is seen as a long term support. Notice how all the indicators are oversold, but no turn yet.



JSE Technical:
Although you may not have Steinhoff, you got bitten somewhere. Most of the funds and other listed shares had Steinhoff as one of their top 10 investments. There are a host of shares that dropped 8% because of this.

After the resignation of Marcus Jooste, it now looks confirmed that they did fancy bookkeeping to avoid tax. This is seen as fraud and Germany, where they are listed too, is investigating this. The price of Steinhoff fell a massive 61%. I tried to zoom out for you to see where the trend changed from yellow to red in TradeFx. Hope you can see enough.



All Coronation's top funds are invested in Steinhoff. So it was no surprise that it fell 8.79%. Notice how the trend line changed from yellow to red and where MACD broke down.



TREND FACTOR:
We have developed in TradeFX a trend factor that takes into account long, medium and short term trends. In spotlight we will always only show signals where the trend of such a share is positive .... NO RED TREND shares will be shown as these needs to be avoided.

I sincerely hope that you do not have too many wounds to lick. Enjoy your day.
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