pilatus - donkey wednesday, page-129

XJO (ASX200) +0.3%
XTL (Twenty Leaders) +0.5%
XFL (Fifty Leaders) +0.4%
XFJ (Financials) +0.5%
XMJ (Materials) +0.1%
Energy +0.4%
XSO (Small Ordinaries) +0.3%

Comment: A reversal day up on reasonably solid volume (105.6% of the 10-Day Average). The Index remains stubbornly stuck below the down trend line. Advance/Decline Ratio was solid 1.24/1. The reversal day up on solid volume suggests buying pressure.


INDICATORS:
RSI.9: 58.7. Above 50. Positive.
MACD (zero-lag) Histogram. Below Zero. Negative.
MACD (zero-lag). Above Zero. Positive.
Stochastic: 84.9. Overbought.
Bollinger Bands and 10-Day MA have flattened out – this is non-trending.
CCI.14: +46.8. Positive.

The XJO closed at 4242.5. Within striking distance of 4300. Next lines of support: 4200, 4160, 4040. Oblique resistance continues to hold.
The last four candles have been relatively bullish when put together. But the Index still can’t push up through oblique resistance.

Here’s a reminder of the weekly XJO Chart. The indicators suggest there’s still room for upside movement. If the Index can break above resistance, the move could be sharp and swift. But it has to overcome resistance.

And so we wait.

Good luck
Redbacka