XJO down today -0.61%.
Today’s candle is a bearish engulfing candle. The short-term trend channel has turned down. Indicators are turning down.
Expect more downside.
Today’s action brings the chart down to a minor support level. So we might get a pause here, but it is unlikely to prevent further downside movements.
Amongst the blue chips, the big action today was in Telstra (TLS) down -5.59%. That’s its biggest drop for yonks.
Today’s volume was even higher than the previous day’s volume.
This looks like a final wash-out of Telstra traders. “Everybody” was selling today.
It might take Telstra some time to come back from this level, but I’ll be surprised if there’s much more down-side.
Look at that volume over the past two days! Who is left to sell?
The question now is: Who will step in and buy?
Today’s action would have benefitted the bull case if we saw intra-day buying. But that didn’t happen.
Wait and see on this one.
RB
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Last
8,595.8 |
Change
-1.900(0.02%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,597.5 | 8,623.6 | 8,543.2 |
| XJO (ASX) Chart |