Bounce from oversold territory .... Stronger Rand on JSE

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Derek  7 Oct 2019

Good Morning,

News in brief:
US adds 136 000 jobs in September, unemployment rate hits 50-year low.
FED rate cut hopes alive.
Trump says ‘very good chance’ of China trade agreement (I will believe this when I see it!)
Asian Markets mixed ahead of renewed US-China trade talks.

The bounce of the S&P500 came from a very oversold territory according to the Heatmaps. FrontRunner broke up, MACD made a green bar and the close was above the EMA8 line. Notice that the bounce came with a gap (breakaway?) that closed the exhaustion gap of 3 days ago.

The bounce of the FTSE 100 came from strong support. I marked all the bars that formed the support. The technical indicators did not confirm yet, but can hopefully do so today.

Ball Corporation is busy breaking trend and EMA8 lines with divergence in place.

As so many other shares, Global Payments broke important resistance. Notice where FrontRunner broke up in the very oversold territory.

JSE Technical:
The stronger Rand finally made the Financial Sector break its negative trend line. I show RMB Holdings in this sector where we have a trend and EMA8 lines break together with a FrontRunner break and MACD green bar. It is seldom that all indicators work together on the same day!

PSG broke its flag with a massive +4.94% gain.

Impala Platinum made a doji with a large upper shadow in overbought territory. Do notice the divergence that is in place!

Enjoy your day.
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