The sky is the limit .... JSE hesitant in oversold territory

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Derek  15 Jul 2019

Good Morning,

International:
While the rest of the world markets were still correcting, the U.S. is breaking new grounds with strong gains.

The DOW extended its break with a further +0.9% gain. Notice the shaven candle head .... this is very bullish! Also to notice is that FrontRunner is making new highs confirming the move. One thing about new highs is that there are no resistances ahead .... the sky is the limit!



Netflix is the acknowledged market leader in streaming with more than 150 million members worldwide. It will be posting results Wednesday after market closure.
Unlike the DOW, it could not break top resistance and closed below the EMA8 line. The results will determine whether another attempt will come to break resistance? They made a lot of debt to fund their own streaming content. We will have to wait and see how the market interoperate this ‘debt’ investment.



The winner on the DOW for the week was UnitedHealth Group with a +6.75% gain. Notice that FrontRunner is warning that a much higher high is still to come.



Humana is giving a similar warning by FrontRunner that new highs are still to come. Notice that the trend factor has turned positively.



JSE Technical:
The JSE is still hesitating on support. See how the 50 day moving average is supporting the Satrix40 in oversold territory.



Similarly for Standard Bank. Closing with a long leg doji on support in oversold territory.



Enjoy your day.
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