New hopes of Trade Truce .... No Divergence for Standard Bank

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Derek  27 Jun 2019

Good Morning,

Asian markets are positive this morning after renewed hopes of trade truce emerging from G-20 meeting. I read yesterday that about 20% issues have not been resolved? New news this morning is that the deal is 90% finalised now?

The S&P500 opened positively, but at the end of the day it closed below the EMA8 line (orange).

The Hang Seng Index bounced up from the EMA8 line this morning boosted by the new hopes.

Our top trend share in the S&P500, Advance Micro Devices, broke up to close with a doji to confirm uncertainty. Notice the trend line break, EMA8 line break, FrontRunner break and green MACD bar.

I mentioned level 2 divergence yesterday, but did not show an example. Global Payments is a good example. It also closed with a uncertain doji whether the correction path is the correct one?

JSE Technical:
The JSE does not know whether it is coming or going with the volatile Rand.

Barloworld Limited bounced on the 200 day moving average (pink line). Notice all the positive indicator breaks.

I was struggling to find something more to show on the JSE. Lets show Standard Bank that also closed with an uncertain doji. I am showing this share to show that the previous top had no divergence. Both lines, as marked on the chart, were parallel to each other.

Enjoy your day.
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