Profit taking the order of the day

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Derek  11 Jan 2018


Profit taking is the order of the day and about all indices are making a correction. Why? We are in overbought territory of course! See the S&P500 and notice where all the indicators are. I call it profit taking as the EMA8 line is not broken.

I was asked about Intel Corporation, so I show this share this morning. It started with a window (gap) move. then it made a double top .... time to get out. Then it broke the EMA8 line down .... further down confirmation. It now broke the window support and is busy closing the window. Next support 4155. Some indicators are already at the bottom, so a bounce from next support is actually an opportunity to accumulate this share, BUT WAIT for the turn.

JSE Technical:
All JSE indices are still correcting, except resources as mentioned every day of this week. Anglo broke top resistance, but all indicators are overbought now. No sign of turn yet, other than overbought.

Finacials are still correcting and I show a banking share.
RMB Holdings has formed a Head and Shoulder formation and MACD broke down. All negative .... notice that FrontRunner's trend is also down.

Enjoy your day.
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