Partial Rebound after trade-driven selloff

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Derek  27 Jun 2018

Morning,

International:
We had a partial rebound in the US after the trade-driven selloff. The East is not convinced yet and most of the Indices are still negative.

Although all the indices closed positively in the US, all of them closed with a doji to confirm the uncertainty. Notice that the 50 day moving average (dark blue) is still acting as support for the S&P500. Indicators are still negative.



I promised to keep an eye on Boeing. It now made 2 small body candles in oversold territory. The negative trend line is not broken yet.



JSE Technical:
After another day of selloff on the JSE most shares are also moving into oversold territory. Energy stocks are the gainers world wide, so lets have a look at Sasol. It also made a doji on first support in oversold territory. Trend line also not broken.



Naspers was sold off 2 days in a row after its excellent results. It is also following Tencent and world markets lower. Lets look at Tencent again. Just above first support in oversold territory. The bounce must come! Patience....patience....patience.



Enjoy your day.
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