The XJO closed modestly higher on Thursday, where the market was...

The XJO closed modestly higher on Thursday, where the market was in absorption and consolidation mode, attempting to solidify the strong gains from Tuesday.
Spread was reduced, and volume about average, as reasonable support was drawn out..
Price remains comfortably within the range of Tuesday's strong up bar, and traded as an inside bar - as did Wednesday's down bar.
The Index dipped lower from the open, and again just after midday, which effectively tested the potential breakout for strength.
The broad response was firm, with buyers offering decent support to the market both times price dipped lower.
I have drawn the chart as a bastardisation of two charts shown yesterday, and we'll see how it plays out (and change it where necessary).
I much prefer horizontal levels, as I feel they are far more reliable and consistent - the current chart however appears to tell the unfolding story better with oblique lines than with horizontal lines.


cheers

.