A quick look at the XAO chart this morning has me a little concerned. For around 8 months now we have enjoyed the XAO trading in a more or less nice steady up-trend. Im worried that this trend is weakening and that a trend reversal looks imminent. I hope i am wrong.
Some facts to consider :
the current chart seems to lack support , bollinger bands widening top and bottom.
The up-trend has been going for more or less 8 months.
We have reached 5000 points again and it seems to be a barrier.
oil price and middle east crises seems to dampening confidence on world markets driving down the ASX
perhaps im just being pesimistic, but the chart does not look healthy giving me cause to review my long positions.
would anyone care to comment?
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Last
8,816.4 |
Change
-58.900(0.66%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,875.3 | 8,875.3 | 8,791.4 |
| XAO (ASX) Chart |