Markets stabilising, but .... Patience

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Derek  8 Feb 2018

Morning,

International:

Markets are stabilising, but the uncertainty is still noticeable everywhere.

Look at the DOW. It made a long leg doji (uncertainty) on first support, but still way below the EMA8 line.



I must show the ASX of Australia too. See how it is consolidating on second support. But do take note of FrontRunner. When it dips so far below bottom lines, it indicates that the low has not been reached. If it does make a new low and FrontRunner gives divergence .... I like that much more. I never like the first bounce.



I have been watching this triangle of Micron Technology for a long time. I was expecting a break to the top, but with this correction it also broke to the bottom. But take note how it climbed back into the triangle to close yesterday on the bottom leg of the triangle. A break to the top once markets have stabilized will be explosive.



JSE Technical:

With this correction Barloworld corrected back into the 2 horizontal resistance lines. It did break the negative trend line yesterday, but closed on resistance.



Even with this correction, KUMBA IRON ORE still has a dark green TrendFactor. Notice the three doji's (uncertainty) next to each other on support.



Patience, patience and more patience ....
Greed and Fear still drives the market !

Enjoy your day.
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