Old favourite does well .... Top resistance breaks

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Derek  9 Jan 2018

Morning,

International:
Although the DOW hesitated at current levels, all other indices are positive.

I show the S&P500 that is still in a positive trend.



You may recall from last year that Nvidia Corporation is one of my favorite trending shares. Like Tencent, it also broke top resistance with a +3.06% gain. I will show in the next chart why top resistance breaks are important.



When a share breaks top resistance, there is no resistance any more and the sky is the limit! I show the chart of Freeport-McMoRan where you can see what happened when the top resistance was broken.



JSE Technical:
Resources are still dominating the JSE. I showed Anglo yesterday, so lets show Billiton today. Its current +2.82% gain took it into a green TrendFactor. Notice where my resistance are drawn.



Sanlam corrected all the way to the previous break line (previous resistance becomes support) and has now broken the negative trend line. Do you see the flag that formed with the flag pole? I did not mark it.



Enjoy your day
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