XJO ... I'm looking to sell rallies from here on...but thats just the opinion of this Chartist.
1)...because the XJO has failed again to maintain value above the 38.2% retracement level from the May swing high(4448.50).
2)...today's action finished back inside our (orange) "controlling range" confirming that last week's action above the upper boundary(s) is very likely a "false break-out".
3)...today's action also broke a short-term H&S neckline plus below a Gann support level(yellow) suggesting at the very least a test of the important Pt. of Control level @ 4074 and more likely 4050 min.(H&S MM). I say min. because the worrying sign going forward is that if 4074 doesn't hold current weakness then one must conceed the May - July corrective phase has ended and we will see lower(than 3986.50) fairly soon.
Tomorrow/early Thursday probably will see a back-test of the neckline(4108) or even as high as 4122(top of Controlling Range level)because of the short-term wave structure from our most recent swing high(4175.80).
- Forums
- ASX - By Stock
- XJO
- big daddy's cool hand luke 'moi' wednesday
big daddy's cool hand luke 'moi' wednesday, page-4
-
- There are more pages in this discussion • 66 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add XJO (ASX) to my watchlist
(20min delay)
|
|||||
Last
8,283.2 |
Change
-72.700(0.87%) |
Mkt cap ! n/a |
Open | High | Low |
8,355.9 | 8,355.9 | 8,261.5 |
Featured News
XJO (ASX) Chart |