Optimism went up in smoke .... Prosus still in negative territory

    All Channels      Market Reviews  

Derek  15 Oct 2019

Good Morning,

All the optimism went up in smoke!
The US stocks closed lower amid trade-deal scepticism and economic growth concerns.
Pound pulls back as hopes dim over Brexit agreement.

I repeat what I said before, the last 10% of any agreement is the most difficult, and that is where it usually gets stuck!

The S&P500 closed with a doji to confirm the uncertainty. At least it did not start closing the gap.

The Hang Seng confirms the uncertainty with also a doji yesterday and about unchanged today. Both indices are above the EMA8 line.

Align Technologies also confirms the uncertainty with a doji after breaking the trend line the previous day.

Brookfield Asset Manager was mentioned yesterday as a recommendation by one of the local institutions. Although it closed lower, it remains in a positive trend. I marked on the chart where FrontRunner broke up and the MACD started making green bars. ZACKS in the US is not too excited about this share and gives it a neutral recommendation. (85% of the shares have a neutral recommendation by them)

JSE Technical:
The same hesitation can be seen on the graph of the SATRIX40 on the JSE.

We do not have enough data since Prosus listed to show the indicators, except for the EMA8 line (orange). Prosus sniffed the air 7 times above the EMA8 line, but could not close above it yet. It therefore remains en negative territory. Can you see the 7 times? .... I did not mark them.

As the uncertain Trump and Borris will not disappear overnight, all that we can do is stay with what the indicators are telling us.

Enjoy your day.
Download TradeFX™

Copyright © 2017 {Zoclee}™. All rights reserved.