The End October 2023 update - most indexes are giving the indications a down trend (starting or continuing). Supports have been wiped out and now the stage of the next leg down looks upon us. A handful of stocks, commodities and currencies looking good.
- On the up: USDZAR, BTCUSD, Crude Oil, Natural gas, US:MSRT (Microstrategy) and US:AR (Antero Resources)
- On the down: S&P500, JSE:STX40 (Satrix40), JSE:BTI (Bats), JSE:CLS (Clicks), JSE:STXPRO (Satrix Property ETF), JSE:RNI (Reinet), JSE:SYG4IR (Sygnia 4th Ind Rev), JSE:STXCHN (Satrix China ETF), JSE:SYGP (Sygnia Property), JSE:ABG (Absa), JSE:BAW (Barloworld), JSE:BLK (Blackrock), US:USRT (US Reit), US:AMD, US:JNJ (Johnson and Johnson), US:ZM (Zoom), US:F (Ford)
- Hard to call: Gold, US:NFLX (Netflix)
Ideas only. Nothing is certain. Make decisions that are right for your trading and investing strategy.
Still in the upward channel. Staying under resistance for now. Set to eventually pop above the resistance and continue to $21 in 2024.
Trending up. Cup and handle projects up to 45k mid term.
GSPC (S&P 500)
Negative break below the downward channel. Breaks through support. Unfortunately 3900 is the next stop. Keep an eye out - may be dangerous times ahead.
CL (Crude Oil)
Trending up. Price still under the trendline support though.
NG (Natural Gas)
Higher high. Looking good target of $4 still in play.
GC / XAUUSD (Gold)
Positive break above the resistance. Still the big resistance overhead at $2041. Even if it breaks through that price could reverse...it is gold after all.
JSE:STX40 (Satrix 40)
Barely hanging on to the trend line. Failing that 5800 opens up.
Negative break. Trending down to support at 51365.
Negative break. Trending down.
JSE:STXPRO (Satrix Property ETF)
Negative break. Lower low. Trending down. Massive descending triangle. Careful if you are banking on this and SA property in general. Next stop 765.
Negative break. Head and shoulders pattern projects down to 34000.
JSE:SYG4IR (Sygnia 4th Ind ETF)
Negative break. Descending triangle. Trending down.
JSE:STXCHN (Satrix China ETF)
Downward trend. Nice down channel.
JSE:SYGP (Sygnia Global Property)
Negative break. Death cross.
Big head and shoulders pattern forming. Worrying.
Negative break. Huge head and shoulders pattern. Trending down.
Looks to be taking a breather for a while. Heading to $530.
Thought it was a kiss goodbye but results saw price jump. Still a little precarious and Needing a higher high or higher low. Only a lower low was printed.
US:USRT (iShares Core US REIT)
Positive break. Nice base built and cup and handle being formed on the uptick in bitcoin price. Trend is up.
US:AR (Antero Resources)
Positive break. Cup and handle. Golden cross. Looking decent.
Ugly looking downward channel.
US:JNJ (Johnson and Johnson)
Negative break. Broken from a big top pattern.
US:ZM (Zoom Video Communication)
Descending triangle. Trending down. Huge loss of value.
Negative break. Trending down. Horrible looking chart. A shoulder, head and multiple shoulders. Projects down to zero - unlikely to happen.