On the other side of the coin ....

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Derek  12 Dec 2017


Just one correction on yesterdays discussion. I kept talking of the trend line, while I ment we calculated a Trend Factor for each share. The 3rd colour line is the calculated Trend Factor.

Markets in the East are mixed, but indices in the US were all positive last night.

The FTSE 100 came back all the way to bounce on support and has broken the negative trend line too. Notice that the MACD is breaking up.

Tesla led the technology correction down with a ABC correction. (See if you can spot it). Then it made a double bottom now with a W formation. It is now at the middle leg of the W with a +4.37% rise. Notice where the MACD broke up. I marked the double bottom and MACD.

JSE Technical:
Our market was dominated by the correction of financial shares and positive move of resources. You will recall that I have been showing a few times that banks were against strong resistance .... and then the correction started. I show FirstRand. Notice the Divergence when it reached resistance, double top and that MACD has now broken down. To see the strong resistance, one must zoom out quite a lot, and then it is not so visible on the web, that is why I cannot show it here.

On the other side of the coin, resources reached support and bounced up. I show Anglo American. It is on the negative trend and EMA8 line. I did not mark the divergence with FrontRunner when it reached support .... can you see it?

The market reviews will be concluded at the end of the week for 2017 and restart early in 2018. Enjoy your day.
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