Encouraging trade-talk news? .... Weaker Rand helps Resources

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Derek  23 Jul 2019

Good Morning,

Markets are positive after encouraging trade-talk news?

Not encouraging enough as the S&P500 still closed below the EMA8 line. Investers are very cautious of result season and await some major results still to come this week.

Micron Technology only hesitaded at resistance before smashing it. Notice that we have a positive trend factor again.

Since Berkshire Hathaway broke its positive trend line, it only knew one path and that is down. I marked on the chart where FrontRunner broke down. Notice that it is slowly moving into oversold territory, but no sign of a turn yet.

My old favourite, Bank of America, is busy forming a beautiful flag. Results will determine the break!

JSE Technichal:
The weaker Rand helped Resources and Exxaro was one of the strong movers. Notice how the 50 day moving average (dark blue line) acted as support for this share. It is close to test top resistance again.

Kumba Iron Ore made a similar bounce on support.

Enjoy your day.
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