non-moderated friday, page-7

XJO hit support yesterday at close
Has the upsloping support line (since march 09 low) as support below and first Fib level

Note:
- stochastics have evidently broken below uptrend, with quite a lot of room to move downwards (at just 50);
- MACD still above zero, no lower highs and lows yet with the rising price so no major warning signs for huge correction. It is also approaching support line;
-momentum has crossed below zero, however reaching support
- The uptrending channel is still in tact, each time it has touched the lower line since July 2010 it has completed the yellow range.
- Bounce expected??? most likely a dead cat bounce with my ultimate view for it to retest the lower channel trend for entry.