Howl at the Moon Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEDST)




The XJO closed higher on Tuesday, where spread was slightly wider than average, and volume was slightly below average.
As anticipated, price responded positively to the spring and shakeout which formed on Monday.  Volume was not excessive, so it appears price was facing low selling pressure as it pushed higher, and importantly, it also reduces the chance the gains contain very much hidden selling.  
As can be seen to the left, price failed at this level only three bars back (20th Oct), so some supply may be expected here (but hopefully it was shaken out on Monday).   There are also some other levels of potential resistance above the current price (not shown on today's chart), which price will have to negotiate its way through if this spring is going to continue to pay over coming days.






Good Trading and Investing

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Spoiler : ***Warning - Saucy Cartoon***