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Good Morning and Welcome to the XJO Wednesday Thread

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News for Today (AEST)




The XJO moved back above the danger point & closed modestly higher on Tuesday.

It has to be said that this current area on the chart is quite complex.
There is a series of technical levels that price needs to negotiate its way through, all within a relatively tight space (56.8 points).

After briefly moving lower after open and finding little selling pressure.  Price then accelerated higher, slicing through the horizontal line @5691.9 and the 100 period SMA (not shown @~5715).  Before meeting some supply within the congestion zone from late May, where price attempted to re-enter the old trading range, but failed.   And above that congestion is the double lines of the underside of the old trading range (5739.8 & 5748.7), which was untouched on Tuesday.

The Index is certainly giving it a decent go so far, but it still has most of the difficulties overhead if it is to succeed and continue higher.  However, the door does remain open to make further attempts should market conditions allow it in the near term, and if the intent is still there.

And to be fair, it also needs to be said that price has previously failed twice at this level (5691.9), and so it is a logical place for the Index to fail again.

Spoiler : **** Slightly Risque' ****

Good Trading and Investing

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