All markets correcting .... RAND weakens further

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Derek  8 Mar 2019

Good Morning,

The US is continuing its correction and all world markets are following. Some analysts just calls it profit taking after the previous bull run? Employment figures later today will be watched closely by investors.

There are about only 3 shares in the DOW still above the EMA8 line, but they do not look too positive either. We will have to wait and see if the 200 day moving average (pink line) is going to act as support?

The last addition to the DOW, Walgreens Boots Alliance, is not doing great at all. I am showing the pattern where the price falls, go horisontal for a while between 2 resistance lines and then continues the downward path below the bottom support line. Notice that FrontRunner indicates that the low has not been reached yet.

Very few shares escaped this correction. Berkshire Harhaway touched first support and is below the 200 day moving average.

JSE Technical:
The Rand came tumbling down after Cyril's announcement in Parliament that they want to nationalise the Reserve Bank. There is just so many uncertainties influencing the JSE and it is showing in the performance.

PSG could not break top resistance and then started its correction. I marked where FrontRunner broke down together with a red MACD bar.

You must have a great weekend.
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