Red Candle was a profit taking day

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Derek  18 Jan 2018

Morning,

International:
The previous red candle in the US was a profit taking day. Yesterday the bulls took control again and resumed the bull run. The East is following the positive trend.

I show the S&P500 and notice that the trend line, nor the EMA8 line were treatened during the profit taking. This are the market's way to scare investors.



After trading between 2 strong lines for a while, Coca-Cola broke the strong resistance line yesterday.



Apple, as shown yesterday, support did hold and made a new high.

JSE Technical:
Bank of America is the latest company that joined the group that is going to sue Steinhoff or the directors for losses. A few other big boys are also making noises of joining them. Steinhoff's troubles are only starting now!

Capitec is the only bank that has not broken its negative trend line yet. I personally think it is only a matter of time before it does.



I want to conclude today by showing you how strong resistance lines work. I show such a resistance of South32. This resistance line was touched 9 times, thus very strong. The price could not break it and FrontRunner also could not make a new high, so the correction comes.



Cryptocurrencies:
It looks as if most of the coins found support after the latest sell off. I show Bitcoin.



Enjoy your day.
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