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XJO

0.30%

8,099.9 s&p/asx 200

Dead End Job..... - Thursday, page-2

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sadj89

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23/09/15

21:34

Post #: 16047284
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Originally posted by Jako64 ↑

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Good Morning and Welcome to the XJO Thursday Thread

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News for Today (AEST)
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The XJO sliced down, to close sharply lower on Wednesday.
It is the lowest closing bar since price has come off recently, and the first close below 5000, & also the lowest closing bar since the 19th July 2013.
After Tuesday's bar which inferred a serious lack of demand, in response Wednesday's bar had increased spread and volume to the downside.
Not a good look really.....especially if you are unhedged long.......

Anyway,
Price closed below the supply line of the apex, and also below the longer term horizontal line @5039.6
To be fair, false breaks can be relatively common on apex's, so follow through or a re-entry rejection needs to be seen for confirmation.
And keep in mind that apex's 'generally' see price eventually continue in the direction of the overall trend.
The break and close below 5039.6 can only really be repaired with a bullish reversal bar now, which is fairly unlikely, but always possible........

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Good Trading and Investing

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Thanks Jako. Instead of a wedge that has broken downwards, could we consider that the XJO is simply trading within a range?
2 Upvote

0 Great analysis

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