XJO (also XAO) daily chart MACD histogram bar lines still lower with each day. XJO momentum still down as of today, hence why I still hold my XJO short position. I am a position trader that works on end of day data. No intraday trading allowed in my trading plan.
XJO went up too fast in rapid V reversal from early April to mid May. The XJO quickly went back to the former highs led by the resource stocks (BHP, RIO, S32, WPL, and STO) and a couple of other large cap stocks like CSL ALL IAG, and subsequently MQG, ORG, QAN, CPU, and TWE. Despite a weak banking sector, these stocks were sufficiently strong for a V shape reversal back to former XJO resistance.
US markets are still a little fragile with our market partly dependent on that for direction. The main four BHP RIO S32 were oversold and profit taking is now taking place. They are temporarily dragging down the XJO. Banking sector still being weak is a further downside influence.
Hamburger Monday, page-24
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Last
8,285.2 |
Change
61.200(0.74%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,224.0 | 8,285.2 | 8,224.0 |
| XJO (ASX) Chart |