Horisontal Consolidations .... Rand forming a Flag

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Derek  28 Aug 2019

Good Morning,

The U.S. markets closed mostly lower and the markets in the East are flat with hardly any movement.

The S&P500 is still busy with its volatile movements around the EMA8 line.

The DAX has the same volatility around the EMA8 line and also between two resistance lines.

The Retail Sector is still coming out with good results and Costco Wholesale Corporation is the latest share to break top resistance with a +5.0% gain following Home Depot and Wal-Mart stores.

The graph of Berkshire Hathaway looks like the index. Volatility between two resistance lines. One of these lines needs to be broken for new direction. The current direction is horisontal.

JSE Technical:
The Resources sector tried to lift its head. Anglo American broke resistance and closed on the EMA8 line.

Some analysts say that the Rand is going to weaken much more. Notice the horisontal consolidation against the $ at current levels forming a flag. The flag break will show the direction.

Enjoy your day.
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