Hi everyone,
Terry Laundry's envelope theory came to play last night as the S&P closed right on the mid channel at 1165.
This middle envelope has acted as support and resistance many time so I wouldn't be surprised to see a rally here.
If this level is broken then the theory suggests a test of the lower envelope which is at 1100 for the S&P. This equals a 5.5% move down and if the XJO is to correlate then it suggests we will find support around 4400.
So for now and as long as S&P holds here, I assuming or expecting some sort of bounce to form a double top or most likely a lower high which would be a decent selling opportunity IMO.
- Forums
- ASX - By Stock
- XJO
- thursday may 6 2010
thursday may 6 2010
-
- There are more pages in this discussion • 35 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
8,150.0 |
Change
-55.200(0.67%) |
Mkt cap ! n/a |
Open | High | Low |
8,205.2 | 8,205.2 | 8,107.6 |
Featured News
XJO (ASX) Chart |