Body Piercing Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread
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News for Today (AEST)



The XJO closed a little lower on Tuesday, where spread was about average, but volume remained below average.
The Index did indeed dip lower, recover the lost ground, and eventually close about sideways.
During this action, not much supply was drawn out, as can be seen in the volume, so when the upper hand was offered to the sellers they didn't appear willing to take it.
Generally after a bar (and short term price action) like this, I would suggest there is an increased likelihood for a decent rise in price next...or at least soon, however this being the last week of the financial year, I am not so certain, as sometimes unexpected price movement happen.   Anyway to my mind, the previous dip lower should have shaken out any tax loss sellers, so the way should be clear for price to accelerate higher now......and we have seen three days of potential absorption.   
If price does attempt to rise, there is a minor resistance line above @~5750, then a more serious line above that @5790.6   See how it goes........





Good Trading and Investing