Fireworks - Friday

Good Morning and Welcome to the XJO Friday Thread









News for Today (AEDST)






The XJO closed slightly lower on Thursday after being higher during the day.

For a while (on Wednesday and Thursday) I was wondering if the Longer Term Horizontal S/R Line which I have coming through across the 5903.2  level, would have no effect on price at all, either that or I had mistakenly placed the line. However it appears the expected resistance eventually made itself felt.

Thursdays individual bar suggests that weakness may have appeared, but to put that bar into context with the chart and its current strength, it may also be an absorption bar (also know as the acronym bar....you had to be there.....last year....ha...). Anyway, wait and see if there is any downside follow through, as the depth & duration of any follow through ,will allow  for a judgement to be made as to the strength of any weakness.

A little sideways to down price action probably would not hurt at the minute, although I have to say I am not seeing much in the way of serious weakness yet, and any weakness in Thursday's bar would would have been much more convincing if there was already some decent selling pressure in the background on the chart (there isn't.......at least not yet anyway).










Good Trading and Investing


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