Axe Throwing Tuesday

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Good Morning and Welcome to the XJO Tuesday Thread
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News for Today (AEST)



The XJO closed only marginally higher on Friday, where spread narrowed a little, and volume reduced.
Once again the Index saw reduced selling pressure as price dipped lower during the day, and it was this lower volume which eventually allowed it to close back about level again by days end.  It should also be noted that the last three closes are quite tightly clustered, and are showing a 'pressing nature' towards the upside.....this is often indicative of bullish absorption (of supply).
However, while this price action does look potentially supportive, remember that price is currently in the relative safety of the breakdown lines shadow.  So until price shows it has enough strength to safely regain a position back above the breakdown line (arrowed), I can only consider it as 'temporary support in a downtrend', and continue to look for weakness.





Good Trading and Investing