Trade Talks to resume again .... Breakaway gap for my favourite share

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Derek  1 Jul 2019

Good Morning,

International:
Trump and Xi agreed to resume trade negotiations at the G-20 meeting. I must admit that when they talked about a 10% unresolved issues, no one mentioned that the negotiations actually stopped?

The S&P500 broke resistance for the 3rd time. Notice that we are not in overbought territory anymore.



The DAX also made a strong turn on Friday. Notice how all the indicators turned positively.



After making a very messy J-Curve, my old favourite, Bank of America, took off with a breakaway gap. Notice the doji before the G-20 meeting. It is my favourite because the turnover per day is average +R 40 billion.



McDonalds broke its flag to the top.



You might recall that I mentioned in a previous market review to watch the flag of Colgate-Palmolive. Well, the flag was broken to the bottom!

JSE Technical:
We will have to see what effect the G-20 meeting will have on the JSE. It was noted that Cyril Rhamaphoza only met with representatives of the Eastern Block countries? You can make your own assumptions what this means!

Anglo American made a J-Curve and then bounced up again. Notice that the J-curve never broke the EMA8 line.



I never buy gold shares, but must admit that I am jealous of the trend of AngloGold Ashanti. Just a reminder again, when in a strong trend, cyclic signals must be ignored.



Enjoy your day
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