Profit taking ....

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Derek  25 Jan 2018

Morning,

International:
All the Europe indices were negative yesterday. In the US there was some profit taking too, mostly in the NASDAQ that closed -0.6%. This negative sentiment is also to be seen in the East this morning.

I show the NASDAQ and notice that the trend line is not broken. Until it does get broken, we must see this as profit taking.



I must show the FSTE 100 too that broke decisively down 7 days ago. This is not profit taking, but rather big sell off.



Caterpillar did close below the EMA8 line, FrontRunner did break down and so did MACD.



JSE Technical:
After Steinhoff's PSG shares are now in strong hands, PSG took off like a rocket. No need to show it again as all resistances were smashed.

Bidvest smashed top resistance. So did quite a few other shares. Notice where FrontRunner and MACD broke up.



In the absence of something new exciting, I show Capitec again. It broke the trend line and FrontRunner wants to break its trend line, but not convincingly yet.



Enjoy your day.

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