Profit Taking in Overbought Territory .... Flag Breakouts

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Derek  14 Jan 2019

Good Morning,

As expected, we saw a lot of profit taking because we are in overbought territory in the US. The US shutdown (Trump again) and bank earning worries in the US are putting pressure on the US futures and Asia markets this morning.

International:
You can see the hesitation on the graph of the DOW as it closed with a doji ahead of the weekend. The close was for all practical reasons the same as the previous day.



You can see the profit taking on the chart of Amazon.com. 4 Small candle bodies in a row.



Coca-Cola was lagging the current bounce and only broke my trend line now.




JSE Technical:
I promised to show when Anglo American Platinum does its flag breakout. Well, this is it!



Retailers and banks have done exceptionally well this week. I show the flag breakout of Pepkor.



Political scientist Graham Allison wrote why a rising China and a dominant United States could be headed towards a violent collision no one wants .... although the Trade-War is in a truce for now, anything can happen!

You must enjoy your day.
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