Monkey Thursday

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  Good Morning and Welcome to the XJO Thursday thread
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News for Today (AEDST)



The XJO closed higher on Wednesday, where spread remained a little narrow, and volume was well above average.
Once again, individually - this bar is inferring weakness (supply coming in - selling pressure), and this may eventually prove correct.
However, when put into context with the rest of the chart, there is still a really good chance this is part of the bullish absorption process.
First;y, price has been grinding through a potential resistance zone, along with the (stupid) psychological level of 6000.
The last four bars all have a higher high, a higher low, and a high close than the previous bar, showing a 'pressing nature' towards the upside.   And Wednesday's bar has closed above the previous four bars high, which is usually a positive sign.   So I am sticking with bullish absorption, until proven wrong.





Good Trading and Investing