Monday Evening Thoughts. 30 January, 2017.
XJO down today -0.92%.
Today's candle is a bearish engulfing candle, suggesting we'll see more down side.
I noted in the Weekly Report that the pre-conditions for another leg down existed.
Today's action suggests that it started today. That surprised me a bit - I expected later in the week. But a bearish engulfing candle is a bearish engulfing candle - so the next leg down probably started today.
The chart still has major supports below: the 50-Day MA and major horizontal support. Maybe they will hold. I suspect not. In which case, we're looking at a test of the 200-Day MA.
Today's action had a sense that it was pre-empting action in overseas markets tonight. Let's see how that pans out.
RB.
Monday Evening Thoughts. 30 January, 2017. XJO down today...
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Last
8,109.9 |
Change
18.000(0.22%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,091.8 | 8,116.9 | 8,041.3 |
| XJO (ASX) Chart |