Mostly small positive moves abroad .... BHP Group on JSE

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Derek  24 Oct 2019

Good Morning,
I am testing the post without the graph attachments to try and isolate the technical problem.

International:
Small positive moves in markets ahead of ECB meeting.

The S&P500 did close positively, but the high was lower than the previous day's high.

After 4 doji's the NIKKEI made another gap. Gap 1 was a breakaway gap while gaps 2 and 3 were continuation gaps. We do not know yet whether gap 4 is an exhaustion or continuation gap.

Apple moved into 3rd gear and the trend remains strong. Reminder: When in a strong trend, cyclic signals must be ignored.

Similarly for Bank of America. The trend is your friend.

JSE Technical:
Many analysts say that BHP Group is oversold. Let's look what Algomodel says. We are in oversold territory showing a cyclic signal in a strong negative trend. The difference fpr me is that we have divergence. Also notice the 4 small body candles of which 2 were doji's.

The Satrix40 dipped with a doji below the EMA8 line to show uncertainty in negative territory.

Enjoy your day.
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