US Took off .... Flag breaks on JSE

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Derek  27 Nov 2018

Good Morning,

A little later than usual due to fibre that was down in our area. Technology is great, but can let you down on important days!

The NASDAQ is the first US index to break its EMA8 and trend lines. Notice the FrontRunner break and green MACD bar, all on the same day.

See how the DAX made a double bottom and then took off. All the important lines are broken.

Notice the double bottom of Xerox. Quite a few analysts in the US gives this share as a strong buy.

AND my old favorite, Bank of America, made a flag break. I never told you why it is my favorite? The turnover of this share per day is more than the full JSE turnover in Rand value.

Let's conclude with Tencent and show what I mentioned yesterday. 50 Day moving average is broken and rising bottoms. Again strong this morning.

JSE Technical:
JSE was following world markets and we had quite a few flag breaks.

FirstRand was very strong and if the flag plays out completely, it might break top resistance.

Similar for Remgro. Although it still has a red trend factor, it is moving in the right direction.

Enjoy your day.
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