XJO down marginally today -0.07%. Thursday, Friday, Monday look like Russian Nested Dolls. How the Index breaks out of this (up or down) should determine mid-term direction. Currently, the trend channel is down.
XTJ (Telecomms) moved today from “flat” to “long” on the short-term time frame. This is an important development as XTJ has been the weakest sector in our market and an important investment for income investors.
On the chart, it shows XTJ above horizontal resistance and marginally above the 50-Day MA. Is that enough? Maybe. We need some more upside to see if it can “cross the creek”.
Perhaps more importantly for the broader market, we have the 20-Leaders on the cusp of a Head-n-Shoulders Top.
The 20-Leaders includes the Four Big Banks, the Two Big Miners, and Telstra.
Basically, they decide the fate of the Australian market.
Let’s see how this works out.
The Four Big Banks are in play as a result of the upcoming Royal Commission.
Let’s have a look at one of them – ANZ:
ANZ is oversold with an RSI at 31. CCI shows a positive divergence. The stock is down at horizontal support. So there is some suggestion we’ll see a move to the upside. We need, obviously, real-time evidence of such a suggestion.
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Change
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