Strange situation .... Many closes on EMA8 line

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Derek  1 Mar 2019

Good morning,

International:
We have a strange situation where US stocks closed lower due to a failed Trump-Kim summit and Asia stocks are higher due to China data that tops estimates.

The DOW made another small body candle just above the EMA8 line. Everytime it makes a small correction, we are moving more out of the overbought territory.



The HangSeng is also making a doji just above the EMA8 line this morning.



Xerox Corp, one of our strong movers, is also busy taking a breather and also closed just below the EMA8 line. Notice the divergence that I marked on the chart.



Wal-Mart Stores wants to lift its head again after its correction and also closed on the EMA8 line. Notice that this share has corrected into oversold territory.



JSE Technical:
After its recent gain, Bidvest is hesitating against resistance in overbought territory.



Financials could not break top resistance and also corrected down.



You must have a great weekend.
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