International Nurses Friday

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Good Morning and Welcome to the XJO Friday Thread
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News for Today (AEST)



The XJO closed marginally higher, after being much higher during the day.  Spread reduced a little, as did the volume-but it remained above average overall.  Early in the session the Index was probably carried higher by the ongoing momentum generated on Wednesday, however in doing so price had to move above both last Friday's high, and the longer term (blue) SR line coming through @5901.8, both of which were likely to offer some degree of resistance.  This appears to have been the case.
While Thursday's bar may have just been absorbing supply prior to a more sustainable push higher.  There is still a decent chance that price will re-test back through some of the congestion zone just below, particularly after seeing so much above average volume recently, if this was the case - the bulls would be anticipating lower volume as price pulls back, which would most likely offer the opportunity to push higher again.
Finally, for price to start breaking down, a clear break and close below both Wednesday's low & the longer term (blue) SR line below @5807.8 is required, and if that occurred it would open the door for price to come down and test the strength of the thicker purple line below (this is still possible for sure, but right now it is less likely).





Good Trading and Investing