XJO down strongly today -0.72%. STW (tracking ETF for XJO) down a similar amount -0.69%.
STW gapped down at the opening and was weak most of the day. Some buying came in at the end of the end of the day, with a long lower tail showing on today’s candle. The STW finished above the mid-point of its daily range which is something of a positive.
STW hit below horizontal support and then bounced. Another positive. It closed marginally below the 200-Day EMA. So we can’t say that XJO has broken below its long term trading range.
Indicators are oversold. So there’s a possibility that this is as low as the movement goes. Look for a move back up into the trading range.
The banks continue to be the albatross around the neck of the XJO. Here’s the chart for CBA:
The range for this pull-back is about the same as the pull-back April/June. RSI9 is at an extremely oversold level of 17.9. Anything under 30 is extremely oversold, anything under 20 is almost unheard of in a blue-chip stock. And that’s where CBA is at this stage. MFI is showing a potential positive divergence, so a counter-trend move is highly likely.
I think we’ll be up tomorrow and avoid a crash through the lower edge of the trading range.
RB.
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