Hmmm. Tonight, I think a lot of cane toads are looking for solace in something stronger than a Chocolate Drumstick.
XJO up today +0.5%. Nothing much changed – just continuing the up-down-up-down process. (I'll leave it to Hoots to make the obvious R-Rated analogy.)
The chart still looks like a bear flag.
Only one sector was down today and that was (drum roll please) Financials. Down -0.75%.
XXJ is oversold and trying to find a bottom – but any upside is likely to be a counter-trend rally. Continue to avoid.
The big surprise today was Energy, after the American Energy Sector was down overnight. XEJ up strongly +2.4%. It was the best performing Oz sector today:
This is a 1/2/3 upside break and takes the Index well clear of the 50-Day MA. More upside seems likely.
The other big mover of the Oz market is Materials (XMJ), up strongly today +1.61%.
Major support/resistance was tested yesterday, and today the Sector bounced strongly. More upside seems likely.
XMJ remains my preferred sector for finding trading opportunities.
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Hmmm. Tonight, I think a lot of cane toads are looking for...
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