I, respectively, don't see it this way. Technicals aren't the whole puzzle, but they certainly play a part. Nothing goes up or down in a straight line. Could the XJO hit 6500 this week? Absolutely it could. But I would say it's more likely that it goes up 100-200 points first and then heads lower. Look at the chart, it's been an absolutely brutal sell-off with no pauses.
This is the lowest daily RSI since the covid crash. Sure, inflation came in higher, and rates are going up - but this is overdone in terms of straight selling with no bounce.
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Last
8,603.0 |
Change
7.200(0.08%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,595.8 | 8,616.8 | 8,589.5 |
| XJO (ASX) Chart |