Alternative Medicine - Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEST)







The XJO closed lower on Tuesday, where spread increased, and volume (value traded) was back above average.
Price found some difficulties in continuing higher during the morning, and fell right away during the afternoon.

Individually, Tuesdays bar is suggesting an inability to rally, as earlier in the day the Index was higher, but gave up all of those gains to close well down for the day.  And while price appeared to find some support on top of the reverse trend channel (again), as an individual bar it really only infers temporary support in a downtrend, or a trading range.

That said, we have previously seen some potential support/demand/accumulation at the recent lows which culminated with a spring (circled).  
When this is put into context with the overall chart, it suggests that this may be a possible test of the spring, and/or a re-test of the earlier lows.

Opposing this view would be that supply is overwhelming any remaining demand, and price will eventually breakdown by pushing down, and closing below, the line @5390.5

For the record I still remain on the bullish side........ at least for now........

Spoiler : ***** Not as Risque as some of the others..... *****

Good Trading and Investing

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