All market correcting .... Simple way to look at candles

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Derek  26 Sep 2017

Morning,

International:
While we were having a holiday, world markets moved on with mainly corrections.
The East is also all negative this morning.

I show JPMorgan Chase and notice that the profit taking started when the top resistance was touched and all indicators overheated. I marked where FrontRunner broke down.



I also show Tesla that has been correcting for a few days. Notice how it started .... exactly the same as JPMorgan!



JSE Technical:
With all the negativity in the world, I do not expect much on the JSE. Lets show Shoprite that has corrected into oversold territory. Trend line is not broken yet!



Similar situation with Blue Label Telekoms with the difference that it has corrected all the way back to the break line. FrontRunner has not broken yet. Something to watch. Do you notice the open window (Gap) in August that is also closed now?



Candles:
Although we show some very complex indicators in TradeFX, that you will not find in any other software, I will show you the simplist way to look at candles. Yes we show all graphs in candle mode, and if you do not know candles, do google it. If your high of today is lower than yesterday's high and similar for the low, you are in a correction phase. Look at JPMorgan's graph again to understand this.

I will be away for a few days from Friday, so last news this week will be on Thursday.

Enjoy your day.

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