Tencent still in long term .... piercing candle pattern

    All Channels      Market Reviews  

Derek  4 Sep 2018

Good Morning,

The US was closed for a public holiday yesterday. Small movements in the East this morning.

The FTSE 100 made a piercing candle with divergence. After the abc correction we can hopefully see some positive moves here.

After the government announced that it wants to regulate games in China, Tencent made 2 doji's to show uncertainty about the way forward. This is followed up by an Engulfing Bull candle this morning. Do notice that the long term negative trend lines are still in play.

JSE Technical:
The Banks gave up some of their early gains of the day, but still managed to close positively.

Exxaro is still in a strong trend and managed to break its flag. Notice that it now has a light green trend factor.

Although the US was closed, the STX500 still moved positively because of the RAND weakening. This is an easy way to invest in the US instead of buying individual shares. If the the Rand weakens and the S&P500 move positively, you get a double gain!

Piercing Pattern:
I added a link for a piercing candle pattern. By just clicking on the blue words, you will be taken to a youtube video. Just skip the adds to get to the explanations.

Enjoy your day.
Download TradeFX™

Copyright © 2017 {Zoclee}™. All rights reserved.