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



The XJO closed sharply higher on Tuesday, where spread was the widest for the year so far, and volume increased to above average.
Price accelerated away soon after the open, and didn't really look back all session.......
Interestingly, last Tuesday 6th June, saw the open as the high for the day, and the close as the low for the day, with quite a wide spread, as price broke down through previous support.  And on Tuesday 13th June (yesterday), the open was the low for the day, and the close as the high for the day, spread was the widest this year, and price broke back into the previous trading range.   Five day shakeout anyone........(at the time I did consider a multi-day shakeout, but over five days is pretty unusual and unexpected.........)
Generally when price really blasts out of a low like that (which is often quite bullish overall), the momentum generated will carry price higher for another period or two,  if so, the highs of the trading range are not far above and will probably offer stiff resistance in the short term.   However, with such a wide spread on Tuesday, I wonder if the bulk of the upside is done for now, and some consolidation of the supply which will inevitably be drawn out, will take place before there is much more upside........I expect it won't take very long to find which it will be this morning.......





Good Trading and Investing