Question on everyone’s lips? .... Strong resistances

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Derek  26 Nov 2018

Good Morning,

The question on everyone’s lips is: “When does the market turn again?”. Well in my books the HangSeng has turned and it is only the US that must turn now. The HangSeng and Tencent broke their 50 day moving averages this morning and has a positive trend line since 1 November.

Let’s look what the S&P500 tells us? I zoomed out a bit to see where next support is. The S&P500 made a doji not far above the next support. FrontRunner is still heading down. If the support holds, we will have a double bottom on the cards, if not .... ?

Estee Lauder could not break top resistance and then started heading down too. Notice the divergence that was in place against the resistance.

While we are waiting for a confirmed turn in the US, I am just showing some resistances that are very strong. Yum! Brands also took the correction path after it could not break its strong resistance.

JSE Technical:
I showed the strong resistance of PSG before. It now made a doji against this resistance with divergence in place. It will need a lot of fuel to break this resistance.

Similarly for Capitec. It is hanging around this resistance for 12 days now!

You must enjoy your day.
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