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Good Morning and Welcome to the XJO Friday Thread
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News for Today (AEST)
The XJO closed higher on Thursday
Spread narrowed, volume increased slightly, and the close was just off the day highs.
Price has made a reasonable attempt to reverse, but the reduced spread and increased volume (compared to the previous day) illustrate the difficulty price had in recovering the lost ground. It appears that supply is still present, and until that supply is absorbed (bought) or removed, it will continue to thwart upward progress. A break and close below Wednesdays low (@5179.5) is now the important level for a deeper pullback.
And for the bulls, price needs to close above Wednesday's high, to be in a position to accelerate higher - which while possible, appears unlikely in the near term. Apart from that, price may continue to trade within the range of Wednesday's bar, possibly between the two SR Lines.
Good Trading and Investing
.
Furball Friday
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Last
7,873.2 |
Change
-90.500(1.14%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,963.7 | 7,963.7 | 7,866.1 |
| XJO (ASX) Chart |