wednesday cranker, page-87

In Australia:

Twenty Leaders +1.4%
50 Leaders +1.3%
XJO +1.4%
Small Ordinaries +1.5%
Financials +1.4%
Materials +2.4%

Comment: A strong day on average volume. Plenty to like about today’s action. Materials were very strong while the Financials also had a good day. Defensives were generally weaker than other sectors in the market. Telecoms were flat and Utilities were just above par +0.2%. Sentiment was definitely with the bulls today.

Technical Comment on the ASX200:
The XJO finished at 4347.7. S/R: 4310/4360.
Indicators:
Stochastic: 50.9. Above its signal line. Positive.
RSI.9 is at 60.7. Positive.
MACD Histogram. Marginally above Zero. Neutral.
MACD. Marginally below Zero. Neutral.
CCI.14: +42.5. Positive.

The 10-Day EMA remains above the 20-Day EMA. The long term trend remains up. The short term trend is up.

After today’s big up day, a narrow range day can be expected tomorrow. Friday then becomes the key. A break above resistance should see more upside. A down day – just more indecision. :)

Redbacka