biggd's sneak peak commercial weekend zoomba, page-10

XJO (ASX200) +1.2%
XTL (Twenty Leaders) +1.2%
XFL (Fifty Leaders) +1.2%
XFJ (Financials) +1.2%
XMJ (Materials) +1%
Energy +1.6%
XSO (Small Ordinaries) +1.3%

Comment: Solid day up on fair volume. The chart has now bounced off the uptrend line and horizontal support. So it looks good. Still, today was an inside day – so we need to see carry through on Monday.

INDICATORS:
RSI.9: 55.3. Above the mid-line. Positive.
MACD Histogram. Flat. Neutral
MACD . Marginally above zero – and flatlining. Neutral.
Stochastic: 56.1. Above its signal line (just). Neutral.
CCI.14: +16. Moving up from the zero line – but still not convincingly.

The technical picture is neutral. This can go either way. The XJO closed at 4296.5. You’ll remember the importance of the 4300 support/resistance area. That’s where the market is once again.

The market is still well above critical support at 4140.
As I said above, we need to wait on Monday’s action for confirmation of the reversal. A move down from here would be bearish.

At this stage, this still looks to my optimistic eyes like a consolidation after the big October rally.

Good luck
Redbacka