Tensions with Iran cooled last week’s rally .... Gold Glitter on JSE

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Derek  24 Jun 2019

Good Morning,

I am back from leave to do technical analysis on the markets. I hope you tried TradeFX during my absence, as everything I show I get from the program.

U.S. stocks closed lower after touching record highs as an escalation of tension cooled last week’s rally. The oil price is also climbing because of the this tension.

The S&P500 closed with a small body candle above previous resistance. The last time it was above this resistance it only lasted 3 days, and this was seen as a false break. We are 2 days above it again in very overbought territory? We will have to wait and see if it can stay above the break line?

Berkshire Hathaway stalled at resistance and started correcting. FrontRunner is also breaking down.

Humana did the opposite and broke resistance. Notice that it has a positive trend factor again.

JSE Technical:
The JSE also had a nice rally during my absence. Analysts say that Ramaphosa's speech did not give any solutions for all the old problems, causing foreign investors to stay on the side line because of this.

The Satrix 40 closed with a doji just above resistance in overbought territory. Notice the divergence with FrontRunner (Marked on chart).

Gold shares were the winners last week with a strong trend. AngloGold ended the week with a 0% gain for the day. They are all in overbought territory, but my trend, nor the EMA8 lines are broken yet.

Bidvest bounced on support to start forming a double bottom and W formation.

It is very uncertain times in overbought territory, be careful.

Enjoy your day
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