---------------------------------------------------------------------------------------------------------------------------------------------- Good Morning and Welcome to the XJO Monday Thread
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Mmmm...Bacon.....that reminds me of this .....
News for Today (AEST)
The XJO closed higher on Friday, where spread increased, but volume reduced, and the close a little off the daily highs was probably due to the weekend. This (slightly unusual) price action suggested that the sellers may have temporarily exhausted their supply into the absorption process, which has been taking place over the previous few days......and therefore the reduced selling pressure on Friday allowed price to push higher with relative ease, on reduced volume. The overseas unrest this week has provided a catalyst for price to pullback and test the strength of the recent breakout above the longer term line @5807.8, and at this point it appears the test of this level may be successful. There might be a secondary test of this line if the overseas uncertainty continues......however if this situation begins to ease, the expectation would be for price to again push up and make another serious challenge to the previous highs.
Good Trading and Investing
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PS- I will be away for a few days later this week, and early next week.
If anyone would like to put up an opening cranker for one (or more) of these days please let me know.....it will be much appreciated.
If not, I will try to put something up each day using the iPad while I am away.....but it won't be very interesting.......
The cranker doesn't have to be in the same format that I use......it can be anything you like (within the normal Hot Copper posting guidelines of course). I need an opening cranker for Thursday & Friday this week, Weekend Charting and Chat, and Monday & Tuesday next week.
I usually put up the next days cranker early evening the night before, it can be a little later, but before 8:30pm the night before if possible.
Let me know if you can help out........thanks
(20min delay)