Forefathers Friday

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Good Morning and Welcome to the XJO Friday Thread
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News for Today (AEDST)



The XJO closed lower on Thursday, where spread remained below average, and volume was affected by double expiry day (and there may be some further carry over volume today).  The last two days trading has seen price mostly trade inside Tuesday's upbar, and Thursday's bar also traded mostly inside Wednesday's bar.  
Because of the relatively narrow spread, I expect volume was probably below average, suggesting selling pressure remains low, however that is unconfirmed.   At this stage, the sideways action of the past two days appears to be part of the consolidation process, absorbing any supply drawn out from the gains on Monday and Tuesday.  There is plenty of room below if price wanted to come back further, before price is vulnerable to a trend change.  However, as selling pressure appears low, there is a reasonable chance price will attempt to push higher today.








Good Trading and Investing






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