Fear of more tariff increases .... Rickshaw man

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Derek  9 Oct 2018

Good Morning,

Fear of more tariff increases by Trump are still driving markets down. The US markets did however not close on the low of the day. The HangSeng made a bounce this morning. All signs that the markets are reaching support.

First the NASDAQ that corrected the most. Notice the long leg small body candle. This is called a Rickshaw Man and indicates support after a strong correction. It must be confirmed this afternoon.

The HangSeng dipped below my support to climb back above it this morning.

Small body candles and doji's are to be seen everywhere to confirm the uncertainty. See this on the chart of Fedex Corporation too.

JSE Technical:
See this same scenario on the chart of Discovery. FrontRunner broke up and the MACD made a green bar while the share made a doji against resistance.

Small body candle for FirstRand too.

Trump can change all this support by announcing more tariff increases? Only time will tell. I would like to see some trend line breaks.

Enjoy your day.
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