Not for Non-Profit - Friday

Good Morning and Welcome to the XJO Friday Thread








News for Today and the Weekend (AEDST)









After dipping lower soon after the open, the XJO again recovered lost ground, and finished higher by the close of trade on Thursday.

Volume was increased over Wednesday, and with that extra effort, the Index was not only able recover the lost ground, but was also able to move above the highs of the little congestion zone to the left & also to close right on the (minor) daily line @5569.

There is no sign of an imminent failure so far,
and it appears that the supply from the congestion zone to the left has 'more or less' been taken care of (absorbed or bought).   
(even though I expected a bit more work may have been needed at this level, and perhaps even a retest of the Purple Line)

So unless we see an influx of (unexpected) fresh supply for some reason,
the expectation would be for a rise up to test the strength of the potential resistance of the horizontal line drawn across 29th Aug lows @ 5614.3.
Which would take the Index into a potentially overbought position (at least temporarily), in relation to the channel (not shown), drawn with a parallel line to the lower trend line, from the intervening high (29 or 30th December).










Good Trading and Investing

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