Quite a few markets closed ....

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Derek  23 Nov 2018

Good Morning,

International:
Quite a few markets like the US and Nikkei are closed for a holiday.

Let's stay with the Indices that are open. The FTSE fell on the Brixet deal. Since Brixet started, this index just have a negative trend. Do you see the top right quarter of an elliptic shape forming?



The shape of the ellipse is also clearly seen on the graph of the ASX. This was concluded with a double bottom and a slight divergence. Negative short term trend line is broken and it is touching the EMA8 line this morning.



You can also see the elipse on the graph of Netflix. Notice how the correction and ellipse started with a double top. The black drum in the middle of the graph only warns you that the data is old as the US was closed.



JSE Technical:
Frontrunner warned for Sasol that the bottom has not been reached. That is when FrontRunner dips below the green support lines. Now it is making new lows and notice the ellipse shape on this graph too. FrontRunner must dip down again and then give divergence before bottom is confirmed, or a turning candle might announce the bottom.



The results of MrPrice and Pioneer Food Group made them the best performers on the JSE. Notice how Pioneer Food build a support base with a triple bottom. It has now broken 2 trend lines and hopefully we will see in the near future that the dark red trend factor colour will start changing to positive.



You must have a great weekend.
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