the chronicles of disco stuesday, page-54

In Australia:

Twenty Leaders -0.2%
50 Leaders -0.3%
XJO -0.4%
Small Ordinaries -0.4%
Financials -0.1%
Materials -0.5%

Comment: The market was down modestly an low(ish) volume, about 95% of the 20-Day Average. Nothing much to be made of that.

Technical Comment on the ASX200:
The XJO finished at 4275. Below major resistance around 4310 (round figures.)
Indicators:
Stochastic: 79.7. Verging on overbought.
RSI.9 is at 55.2. Positive.
MACD Histogram. Marginally above Zero. Neutral.
MACD. Marginally Above Zero. Neutral.
CCI.14: +61.9. Positive.

The indicators suggest more upside is available.

The chart has formed a clear “bull” flag. These normally resolve in the direction of the trend, i.e., upwards in this case. Of course, it can break to the downside.

Near term support/resistance: 4263/4295. If 4295 is broken to the upside, I think we’ll go through major resistance at 4310. So the next day should be interesting.

Redbacka.