Slowing Global Growth Mount .... Touching Break Line

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Derek  28 Mar 2019

Good Morning,

Stocks in the U.S. closed lower as slowing global growth mount. Asian markets mostly fall, led by the Nikkei.

The S&P500 is still held back by our strong resistance. Notice that FrontRunner is still heading down.

The Nikkei is on strong support and the 50 day moving average. I marked the touches that created the strong support on the chart.

A pattern that is often seen is that when resistance gets broken, the price drops again to touch the resistance line again and then continue in the direction of the break. All this can be seen on the graph of Estee Lauder.

I discussed the closing of open windows yesterday. Anthem broke support and is busy closing its open window (gap). The next support is when the window is closed.

JSE Technical:
Although some analysts believe that Moody's will not downgrade SA on Friday, because of the criteria used for downgrading, the Rand believes something else and is still dropping?

Notice my trend lines on the Rand/$ graph.

I mentioned the touching of the break line above. This can be seen on the graph of Exxaro as well.

Enjoy your day.
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