Pizza Party Friday

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Good Morning and Welcome to the XJO Friday Thread
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News for Today (AEST)



The XJO closed lower on Thursday, where spread increased, and volume was above average (although possibly affected by Index options expiry).
The Index accelerated lower possibly in sympathy with overnight trading in the US, slicing down sharply to tag the next level lower.   Price has now broken down below previous support, and barring an almost 'miraculous' recovery (which is always possible.... but fairly unlikely), will trade adjacent to the mid march congestion for a period now, and make an attempt to consolidate again....probably testing the strength of the support in the purple line below for a second time, before making any serious challenge to previous highs.   Thursday's bar closed well off its low for the day, so there was certainly some (speculative ??) buying off the day's lows, which may cause price to move higher in the near term.  If so, price will likely fail around that blue line above @5807.8 where previous support is likely have been turned to resistance (this is because there will still be holders trapped above that level, who may choose to sell if price was to come up high enough to let them out at breakeven or for a only a small loss, and it is that selling pressure which will cause the resistance, where previously there was developing support).


@niciou  the actual volume was 798,477,349




Good Trading and Investing