Still correcting in my book ....

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Derek  1 Feb 2018


Mixed moves in the East this morning. Although the DOW closed positive, it is still in a correction mode in my book. Why? Both the DOW and the S&P500 closed below the EMA8 line and FrontRunner for both is below its moving average.

I show the DOW to illistrate this.

Coca-Cola has corrected all the way to first resistance, but FrontRunner is not convinced of a turn yet.

JSE Technical:
Similar situation as the DOW with most JSE shares. Interesting that spotlight only show 2 shares not worth mentioning.

I show Assore from the Resources sector first. Notice that first support has already been broken and no indicator turn yet. Notice how the TrendFactor (3rd colour bar below chart) has changed from dark green to light green with this correction.

Richemont corrected with the Rand strengthening, and now with the Rand weakening again, it made a double bottom and broke the negative trend line. This share will however do what the Rand is doing and that is very questionable with all our politics. It still has a yellow TrendFactor after all that correction.

Enjoy your day.
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