Naspers volume evaporating on the move higher + test of 200 dma

Jan 17, 2019

What worries me about this move higher since bottoming at R2362 is that the volume profile has been declining. Normally a bottom will see an increase in volume. this is a weak move formed to stop out the weak hands (shorts) in the market. Also if you plot your shorter term moving averages, 20/50/89/100mas they are all trading below the 200dma which is again another indicator that the trend is down. I would be taking profit and looking to get short at this point...