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

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Derek  23 Oct 2019

Good Morning,

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.
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