Bottomed Out..... - Tuesday

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Good Morning and Welcome to the XJO Tuesday Thread

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News for Today (AEST)





The XJO closed lower on Monday
Spread increased, volume (value traded) reduced (but was quite high for a Monday), and the close was midbar.
The Index came off from the open, probably in response to the supply seen last Thursday and Friday which took the top off both those bars.  Mondays bar closed well off its lows for the day, which infers that some (speculative) positions were taken on Monday.
Supply appears to be intensifying as price moves above 5249.6 (mid May 2013 high), but has not chased price lower so far.


It will be interesting to see what response we get today, as a reasonable case can be made for either direction.
The bulls will call for a positive response to the potential demand seen in the bottom of Mondays bar.
And the bears will suggest that price has upthrusted the breakdown at 5303.1 and is in the process of failing.

Spoiler : ***** Warning Flatulence Humour, don't click if this may offend you *****

Good Trading and Investing

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