Mount Vesuvius 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 higher on Tuesday, where spread increased, as did volume (but it wasn't excessive), and the close was off the daily highs.
The chart nicely illustrates how price could move up relatively easily through the trading range until price moved above the little green box, where some supply must have caused enough difficulties to push the close back down to sit on top of it.
So the Index has made an attempt to move out of the sideways trading range on Tuesday, but as yet it is still only an 'attempt' until it can convincingly accelerate away from the danger point.  The close off the highs on Tuesday suggests that there is still some supply above that little green box, and to absorb this supply, price may need to put up a decent effort (in volume) to force itself up and absorb its way through it, or fall back into the sideways range again, as a failed breakout attempt.








Good Trading and Investing

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Spoiler : ***Warning - Saucy Cartoon***