Bad News - 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 a little higher on Monday.
Volume (value traded) was quite high, especially  for a Monday, although price still remains just below the mid range support/resistance line.

Last Thursday showed a certain amount of support for the Index, Friday was a low volume (nothing ??) day, and on Monday price appeared to spend the day absorbing supply below the line @5828.1, possibly in anticipation of a favourable  RBA rates decision Today.

Should this be the case, but the RBA deliver's an unpalatable decision on rates, expect those accumulated positions to be dumped, causing a widespread downbar and possibly a break through the lower support @5739.8.






The Monday closing, five day chart continues in its attempt to hold on to the mid range support.
The most recent bar (closing well off its low's) does suggest that some (speculative ??) buying has emerged, however the loss of all that ground in one bars does not offer a lot of confidence, and suggests 'an ease of movement to the downside'.
















Good Trading and Investing


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