Turkey trade worries continue .... When results do not ....

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Derek  16 Aug 2018

Good Morning,

International:
Turkey trade worries continue to weigh. We are however getting long leg candles where the close is not at the low of the day anymore. a Good sign for a turn around the corner?

Notice that the long leg of the DOW candle touched the 50 day moving average and my support.



I want to show Bank of America's correction again to highlight the divergence before the correction. I marked it on the chart.



Lets stay with the shares I showed before as they are key in the Indices. Boeing also touched its 200 day moving average. Notice my trend lines that are drawn on the chart.



JSE Technical:
The quarterly results of Tencent did not meet expectations and thus Tencent and Naspers got hammered. The rand is still weakening, but the Turkey issue is weighing more.

Lets show Tencent first. Noticie where the correction started! With a double top! Also to notice is that the current price is not at the low of the day anymore. We will have to see if current support will hold.



Now the Rand against the US dollar .... not a pretty picture!



Instead of showing another share, I want to show the Satrix40. Notice how the 50 (blue line) and 200 (red line) day moving averages for this index have been going sideways for the past months. The trend factor only just remains positive (yellow) and started showing 2 signs of turning red. No investing is done on the JSE because of all the political uncertainties.



One actually learn more in a falling market than one moving positively?
Enjoy your day.
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