Good Morning and Welcome to the XJO Monday Thread
News for Today (AEST)
The XJO continued higher on Friday, with a high close on the bar.
Spread again narrowed slightly, but volume (value traded) also reduced.
In all, this suggests to me that the majority of supply that has been present (thwarting upwards progress),
has been absorbed with all the work done in the trading range since mid June.
This has created a short term supply vacuum, where price has been able to rise easily on below average volumes.
In essence, those who were inclined to sell in the near term have done so, and this selling has been absorbed at the lows of the trading range.
This left a short term lack of selling pressure in the market, which allowed the Index to freely rise on lower volumes.
As price continues higher, towards the top's of the trading range,
I expect more normal levels of supply will arrive, balancing Supply & Demand again.
Good Trading and Investing
cheers
Busy Schedule - Monday
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Last
7,766.1 |
Change
-56.200(0.72%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,822.3 | 7,822.3 | 7,765.9 |
| XJO (ASX) Chart |