Monday 02 December 2024 (Time: Pre-Market)
The overbought condition in place at the end of September as well as the bear flag technical structure which develop at the end of October has unwound, with the index continuing to exhibit a weak technical regime. Closing at the lows of the week, as well as near previous swing low, the index has shifted to below the 21-day EMA and 50-day EMA, both of which are currently trending down. While there is certain scope for a bullish price reversal, the candle structure (as of the last close) remains poor. Be prepared to adjust as the price develops.
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Friday 22 November 2024 (Time: Pre-Market, 06h15)
An update to my original slide, which highlights the model reading calling for a rebound.
This has been a strong week, but NOT surprising as the oversold levels increased the probability of a rebound .
Lester Davids
Analyst: Unum Capital
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