Junior Market moving much higher Main Market poised for big break out

“The next big Junior Market run is near” was the caption of a late December ICInsider.com post that suggested that the Junior Market Index could hit 3,100 points initially. Three months later, the market is a mere 45 points short of the 3,100 mark, a gain of 460 points or 18 percent.
The forecast was based on technical indicators pointing to the rally. The article stated “the last time this signal was flashed, the market rose 600 points and before that 500 points.
The Junior Market of the Jamaica Stock Exchange is sending out a strong signal that a big rally is ahead once more.” The article continued, “When technical readings for the Junior Market was going through a golden cross back in July 2019, the market rallied by more than 600 points and in 2018, the market put on 450 points after the signal was sent. How much gains will result in this round, is unclear, but it could well take the market up another 600 points, in a rally that could put it around 3,100 points, initially.”
What is the golden cross? This is when the short term moving average crosses over the medium moving average and both crosses over the long term moving average. The medium term moving average has crossed over the long-term one and the short term is making its way to cross the medium one with it already cross over the long term.
With nearly four months elapsing, the technical signal is still in place and gaining in strength. Investors should expect the Junior Market Index to hit 3,500 points before long, some 440 points away, after that the next target will be a resistance area of 4,100 points.
Fundamentals of companies will lend much support to the continuation of the rally, with some companies posting record profits and some displaying strong signs of recovery. So far, interest rates currently at historically low levels are cooperating with the current rally.
The Main Market is in the early stage of two bull signals, but it is bogged down in a narrow trading range based on closing prices, between 429,000 and 436,000 points of the All Jamaica Composite Index, with the very dominant financial sector going nowhere in the short term hobbling its growth. The market is currently steered slowly higher but it is waiting for some dynamic force to move it decisively out of the current range. A critical factor is that the market caught in a triangular formation currently, a very powerful indicator that is going to drive the Main Market sharply higher very soon. Forces seem poised to force it higher as it makes a big break following from the pent up force that the wedge is currently constraining. ICInsider.com forecasting that the market will break sharply higher soon.
In this regard, the latest news out of Caribbean Cement of record production of over 100,000 tons of cement in March is the sort of news that will lift stock prices. Additionally, Jamaica Producers that just reported buying into the Geest Shipping Line company, moved up in price last week with very little supply evident in the market, which is a recipe for move price gains.

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