Unconfirmed Divergence .... Some Bounces on JSE

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Derek  27 May 2019

Good Morning,

International:
You can see how investors were hesitant before the weekend. Although the S&P500 closed positively, compared to the previous day, the close was still lower than the previous day's high. We still have unconfirmed divergence in place as marked on the chart.



Apple also has unconfirmed divergence in place for a turn?



The unconfirmed divergence can be seen on the graphs of many shares. E*TRADE is another one.




JSE Technical:
There was a bounce from a handful of shares on the JSE. Most shares are still in a negative trend following world markets.

Barloworld was one that made a bounce and broke its negative trend line. Notice the consolidation the past 3 weeks.



Exxaro was another one. Notice the divergence at the turn.



I read this weekend how Trump described himself as a financial genius? Be careful of people blowing their own horn! I believe the U.S. is heading for another Government shutdown because of negotiations with him.

Enjoy your day.
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