Bulls not fully in control yet .... All signs for turn falling slowly in place

    All Channels      Market Reviews  

Derek  12 Dec 2018

Good Morning,

International:
After opening very positively on the latest Trade-War talks, the Bears managed to take the US down again. I do not think anyone trusts Trump on how genuine the talks are? The East however is positive this morning.

Notice how the S&P500 opened on the EMA8 line only to fall back. FrontRunner also touched its average, but no break yet. As described yesterday, only step 1 of my sequence is in place.



I showed the triangle of the ASX before. I then used a horisontal bottom line. I adjusted this line to touch the bottoms of the candles now. Notice that FrontRunner is also touching its average, price still below EMA8 line, but we have a green MACD bar!



Harris Corporation did manage to break EMA8 and trend lines. I marked the divergence of the turn on the chart .... I love divergence!!!!



FrontRunner started breaking up for Bank of America, but none of my other steps in place yet.



JSE Technical:
Napsers is also forming a triangle of it own with a horisontal resistance as the top of the triangle.



Bidcorp made an engulfing bull candle to close above the EMA8 line, but below my trend line. Notice divergence.



I see doji's everywhere and certain indicators breaking already. The market just needs some steam, then all the indicators will fall in place, but all the signs for a turn are there. All indicators do not necessary break on the same day .... if it does, it is a bonus.

Enjoy your day.
Download TradeFX™
 

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