Below is a LT chart weekly of the xjo. Note the yellow line = LT major fib retrace 2003 lows to 2007 highs 61.8% (V significant). It's also the 38.2% fib retrace level = GFC low to April 2010 high.
As shown, the xjo has not closed (weekly candle) above this level since crashing through it bearishly in August.
This level which is approx 4298 -4302 should lend very solid support imo. The second chart shows the 3 failed previous attempts at getting through and closing above. This time we closed above = significant move imo
LT $xjo weekly chart
$xjo weekly
xjo weekend zoomba lounge, page-119
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Last
7,961.9 |
Change
-9.200(0.12%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,971.1 | 7,973.8 | 7,944.3 |
| XJO (ASX) Chart |