More records ahead for JSE

The main market of the Jamaica Stock Exchange closed at a record high on first four days last week and shot to a record high during Friday’s trading but failed to hold above the 340,000 points it traded at, but the market is heading much higher.
The chart shows that 340,000 mark, as a resistance point, which may require sometime before it is fully taken out and the market moves higher. The chart is showing a pattern for 2018 that is close to that for 2017. The market having risen in January last year, went sideways with an upwards bias until July and then broke out of the channel went on to a peak in November. For 2018, the market has slowly moved upwards within a narrow channel but could break out as it did in 2018 with a bullishness seen over the past two weeks.
The market is being steered higher by a long term upward sloping support line as well the 45 and 125 day moving averages, lending support just below the index for the main market and the Junior Market is being steered by an upward rising long term support line.

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