Overbought Territory for profit taking .... Uncertain Doji's

    All Channels      Market Reviews  

Derek  23 Oct 2019

Good Morning,

International:
Markets slip on renewed geopolitical uncertainty and Brexit weigh.

After opening positively, the S&P500 closed at the low of the previous day to create an engulfing bear candle. Notice that we are in overbought territory.



The DAX made 3 doji's in 4 days to signal uncertainty in overbought territory.



Akamai Technologies wanted to test top resistance, but then took the path south to close -3.05% lower. Notice the overbought heatmaps, FrontRunner break and red MACD bar.



Caterpillar in turn closed on its resistance in overbought territory.



JSE Technical:
The Satrix 40 also remains uncertain with 2 doji's in 4 days to close just above the EMA8 line.



With all the excitement of a Brexit deal now out of the window, Quilter made an engulfing bear candle, FrontRunner broke down and MACD made a red candle.



In overbought territory you will find more profit taking than buyers!
Enjoy your day.
Download TradeFX™
 

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