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.
- Forums
- ASX - By Stock
- Frankenstein Wednesday
XJO down strongly today -0.72%. STW (tracking ETF for XJO) down...
-
- There are more pages in this discussion • 28 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add XJO (ASX) to my watchlist
|
|||||
Last
8,023.9 |
Change
-3.100(0.04%) |
Mkt cap ! n/a |
Open | High | Low |
8,027.0 | 8,027.0 | 7,990.3 |
XJO (ASX) Chart |
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online