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Good Morning and Welcome to the XJO Wednesday Thread
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News for Today (AEST)
Tuesday's price action for the XJO, saw price grind lower during the day, moving below last Fridays low, and is again testing the strength of the previous lows. Spread increased over the past two trading days, the close was low, and as expected volume (value traded) increased.
The Index has again closed just below the main horizontal supports, and just above the demand line of the apex, which leaves price in a vulnerable position, where is threatens to again breakdown.
When price has tested these levels previously, the Index has found enough support to rally away from the danger point, albeit briefly. However, this will be the third time down here since the 24th August, and supply will eventually exhaust demand if it cannot successfully maintain a rally.
All that said, price has not yet broken down (although it does appear tenuous), and continues to trade inside the high volume weekly bar of the 28th August.
Good Trading and Investing
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Last
8,045.1 |
Change
-26.300(0.33%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,071.4 | 8,071.4 | 8,017.7 |
| XJO (ASX) Chart |