All markets positive .... Budget speech boosted JSE

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Derek  21 Feb 2019

Good Morning,

All markets positive from East to West!

Even the ASX just touched the EMA8 line this morning and then blasted off.

Jacobs Engineering Group is slowly becoming one of my new favourites. Notice how it moved into 3rd gear with its trend line. I also marked the divergence of the turn. It is moving into a dark green trend factor.

My old favourite, Bank of America, has also broken the last correction trend line and is taking the path North again. I marked the continuation gap on the chart.

JSE Technical:
The JSE reacted positively on the budget speech, but speeches have never been the problem! To deliver what is promised needs to be actioned.

The Rand strengthened and touched the EMA8 line.

The strenthening of the Rand made the Financial Sector also touch its EMA8 line.

See how volatile Clicks reacted the last 4 days to also touch its EMA8 line.

We will have to see if this positive sentiment will continue today to break the EMA8 lines, or whether it will fade away again as time goes by?

Enjoy your day.
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