Fresh Trade Deal Hopes .... Resources on JSE

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Derek  22 Oct 2019

Good Morning,

International:
Fresh hopes for US-China 'phase one' trade deal are lifting markets.
Chip market rebound seems far off.

The S&P500 is on its way to go and test top resistance in overbought territory. The previous correction did not break the EMA8 line.



The ASX made a long leg doji yesterday and closed on the EMA8 line. The positive move after the doji confirms the positive direction.



Keysight Technologies is our no 3 trend share that broke top resistance with a +4.79% gain.



My favourite share, Bank of America, also broke top resistance and did so with a gap.



JSE Technical:
The JSE also followed world markets higher.

The Resources sector gapped up and is busy doing strong moves. After Anglo American formed a flag it broke the top. I did not mark the flag .... do you see it?



One of the strongest movers was Exxaro with a +4.62% gain. The gap on the chart was when Exxaro went ex-dividend and everyone just sold after taking the dividend. It is climbing back now.



Enjoy your day.
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