Hmmm ... as chart shows, recent weakness has seen price retreat and now steady within the upward channel .. poised for a breakout.
Price is also confirming 5300 as support from previous resistance and double top in Sep13.
The Bears are hoping for a breakdown at this level and shorters are poised to strike here if price fails at this level.
Whether the US market is overbought is moot .. but we think the XJO can still run up from here and finish the calender year strongly.
Finger on the trigger here and mega SHORT if price fails at 5300.
Second chart shows our chart indicator as still LONG and has been a lovely run up since triggering at 4200.
Noteworthy, May/June has been problematical in 2011, 2012 and again 2013 but finished the calender year strongly for those hanging in LONG.
Again, any weakness at 5300 we will close and book profits for the year and look to 2014 for next green.
Cheers ... tight stops.
crunch time ...
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Last
7,999.3 |
Change
-18.300(0.23%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,017.6 | 8,018.0 | 7,996.9 |
| XJO (ASX) Chart |