Key Support Level .... Colour code trend lines

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Derek  3 Apr 2018

Morning,

International:
The US closed on the 200 day moving average. This is a key support level and is closely watched. If broken it could spark futher sell off. The East is also negative with only Australia about unchanged.

I show the key support for the S&P500. Also notice the HeatMaps, where my support is drawn (green line) and that FrontRunner is not confirming this low.



You see exactly the same scenario with Apple. Do notice that Apple did dip below the 200 day moving average between 6 and 13 February. Notice the 2 small body candles on either side of a doji for the last 3 days. All uncertainty signals about the way forward and FrontRunner is not convinced of a futher low?



JSE Technical:
It is about impossible to say what will happen on the JSE as we were closed longer than world markets. Most probably we will also ease down with the rest of the world in anticipation what will happen in the US today.

I show Investec again that has now broken its trend line. Notice how FrontRunner is trending upwards. If another dip happens, we will most probably get divergence.



Remgro made an Engulfing Bull candle on support. Trend line is not broken yet.



Colour Coding of lines:
Did you notice that I colour coded all my important resistance and support lines of importance. It visually helps to make your strong lines stand out.

Enjoy your working day after the long weekend.

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