Stocks close mostly lower as .... Profit taking on JSE

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Derek  12 Apr 2019

Good Morning,

Stocks closed mostly lower as earnings season in the U.S. set to kick off.

The good news is that I do not see major sell offs, but rather only profit taking in anticipation of the earnings season. The S&P500 closed unchanged above the EMA8 line!

American Tower Corp is still building on its flag and the results will break one of the resistance lines .... could be up or down!

Bank of America is doing exactly the same without any movement. One thing to remember in the U.S. is that when your results are better than expected, the share price will get rewarded .... if not .... it gets slaughtered!

JSE Technical:
After a strong day's move, you always get profit taking. That was the case for the JSE yesterday.

You can see this on the chart of FirstRand. The trend remains positive though.

Dis-Chem Pharmacies is busy attacking top resistance again. Does it have enough steam left to break it this time? It is moving into overbought territory again!

You must have a great weekend.
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