Really Fat Pizza, page-809

The XJO closed higher today, with modest spread and reasonable volume.
This mostly confirms yesterdays questionable close as an absorption bar, as anticipated.
Price eased itself back up to the overhead resistance, which is effectively the breakout line, absorbing supply along the way.
The recent price action suggests price may challenge the ~5300 level soon, even though some more sideways action between ~4700 and ~5300 may be the most orthodox response (note - the market does not generally trade in an orthodox manner).
It will be interesting to see how the market responds to an attempted breakout, as I don't expect a lot of overhead resistance above ~5300, there will be some for sure, but probably not heaps (as I expect many have already sold out).


cheers

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