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Good Morning and Welcome to the XJO Friday Thread

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News for Today (AEST)




The XJO closed lower on Thursday
Spread increased further, volume remained above average, and the close was poor.
Note - volume may have been affected by Index Expiry on Thursday to some extent.
The Index made an early attempt towards the upside, before pushing lower, & continues to track sideways overall.
No serious damage was done on Thursday.
There is a trading thought that says 'the longer price takes to breakout above a sideways trading range, the less chance it will happen', and I sort of get what that saying means, but wouldn't the inverse also be correct 'the longer price takes to breakdown below a sideways trading range, the less chance it will happen'.  
So from that thought, my take is......just be patient and wait for  some definitive movement that will suggest the direction.
I still feel the upside is favoured overall, but I wouldn't mind seeing a (shallow) pullback or a decent shakeout in the near term, which may test  the potential support in the purple and green lines below the current price........then again, perhaps this recent price action actually is the shallow  pullback.........we'll see.......








Good Trading and Investing

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Spoiler : ***Warning - Saucy Cartoon***