Worship the 200MA with the JSE ALSI 40 - But we will break up!
The JSE ALSI 40 once again tested the 200MA.
It then retreated back with its tail between its legs.
However, the drop has not been aggressive and big. So we can make an assumption that this is a current dip that will cause a rounding bottom.
If this is true, it will complete a Cup and Handle formation. And when the price breaks above the brim level we could see 80,000 on the cards.
With the Santa Claus rally and positive sentiment with the interest rate hikes being halted in the US and the weakening dollar - It looks like we will continue to see its rally.
Happy to be in the markets during this time. But if there is ONE lesson to take in, worship the 200MA to determine the CURRENT trend.
Break above 200MA and it's a slay up from there.
It then retreated back with its tail between its legs.
However, the drop has not been aggressive and big. So we can make an assumption that this is a current dip that will cause a rounding bottom.
If this is true, it will complete a Cup and Handle formation. And when the price breaks above the brim level we could see 80,000 on the cards.
With the Santa Claus rally and positive sentiment with the interest rate hikes being halted in the US and the weakening dollar - It looks like we will continue to see its rally.
Happy to be in the markets during this time. But if there is ONE lesson to take in, worship the 200MA to determine the CURRENT trend.
Break above 200MA and it's a slay up from there.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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