Markets took a breather .... Banking sector continue gains on JSE

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Derek  16 Apr 2019

Good Morning,

Markets took a breather yesterday ahead of more results coming. The East is all positive this morning and continuing the positive move.

The Nikkei broke its 200 day moving average (pink line) with a breakaway gap. I zoomed out a bit to show that the Nikkei is still far below its previous high.

The results of Johnson Johnson gets announced today just before the US market opens. They disappointed with the December results and analysts are concerned about generic competition? You can see how cautious investors are ahead of the results announcement to take the price to oversold territory.

Lots of caution at Netflix too. After reaching resistance it started correcting and reached first support with a doji.

JSE Technical:
Although most shares corrected, the banking sector continued its positive trend.

After reaching resistance, Standard Bank started forming a J-Curve and is currently attacking the resistance again.

Investec was the share that lagged the rest, but it broke a short term trend line and the 200 day moving average.

The one thing I can say about the U.S. market is that I cannot see any insider trading ahead of result announcements. That is how it should be!

Enjoy your day.
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