Technology shares lead the direction .... Steinhoff

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Derek  8 Dec 2017

Morning,

International:
All indices positive and technology shares that started the correction, are leading the pack in the positive direction. Tencent also broke its negative trend line.

I show the S&P500 and do notice that the EMA8 line (orange) was never broken but touched it 2 times during the latest correction.



Micron Technology broke its trend line and closed above the EMA8 line. Most of the technology share graphs looks like this one.



JSE Technical:
Our market is still dominated by Steinhoff. It fell a further 43% yesterday. On the news they said that some institutions are taking them to court as they invested in a fraudulent balance sheet to recover their losses. My personal opinion is that they will not be able to remain standing when all the institutions do this? And what Germany will do, I am not sure at all. This is going to be a loooong saga still.
No use showing the graph again as it is just one way down.

I showed earlier this week that banks are in overbought territory against resistance. Now I see divergence too. They all look the same, so I show RMB Holdings.



After consolidating with a solid base, Kumba Iron Ore broke top resistance. Notice the trend colour.



You must have a fabulous weekend.

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