big data dashboard - friday

Good Morning and Welcome to the XJO Friday Thread


News for Today (AEST)

The XJO moved modestly higher on Thursday, after being much higher earlier in the session.
Spread was about average, volume (value traded) was reduced to about average, and the close was poor.

Some supply was present in this bar, as it moved above the range highs that have been limiting the upside since late October 2013.
The Index also encountered a long term (mid August 2007) horizontal line for the first time since the GFC lows, and closed just below it.
The origin of this line is shown following this chart.

There is some reasonable strength behind the Index now, so further upside appears probable (barring any unforeseen event).
The Index may 'dance around' a bit for sure, but it would need some serious supply to come in (something which hasn't been present for some time),
for it to slice though all the potential support levels below.

I have posted the XJO Monthly chart previously, showing an interesting level @5483, which was hit briefly for the first time on Thursday.
Note how the two previous lines (below it) have had a part to play in the more recent price action.
Obviously the last bar is not complete, using the monthly chart was the easiest way to show the lines origin.

Good Trading and Investing


cheers