Markets Mixed .... Many correcions already in place

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Derek  28 Feb 2019

Good Morning,

Markets are mixed World Wide with no clear direction. One analyst said that the Bear trend has already started?

It certainly looks like that for the DAX. Notice the FrontRunner turn and red MACD bar.

The DOW touched the EMA8 line with a doji. Notice, 3 doji's and everytime the high is lower than the previous high and similarly for the low.

Some shares are already well on their way with correction. NRG Energy had a long term divergence and a short term divergence in place at the last touch of resistance before it started its correction. I marked the short term divergence and the FrontRunner break on the chart. Can you see the long term divergence when reistance was touched in DEC 2018?

On the other side of the coin some shares just keep on trending stronger. Boeing and Illumina are two of them. Illumina is now touching its 200 day moving average and in very overbought territory. We are not in buying areas anymore, but rather profit taking?

Let's show Home Depot too. It could not break top resistance with divergence in place. Top resistance was touched 6 times and then the correction started. Trend line and EMA8 lines are broken.

JSE Technical:
Sasol published its results and together with a rising oil price it is starting to lift its head. One analyst in the US said that they expect another 10$ per barrel rise in the oil price in the short term.

The drop in the price of Naspers was mainly due to the unbundling of MultiChoise.

Enjoy your day.
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