redback report. 18/6/2010, page-5

A big day down today on the XAO -1.6%. We're now back to the critical support/resistance level around 4500.

Volume today was light - well under the 50-Day Average. That doesn't help the bears' case.

RSI was just under the 50 Level, but W%R clung to the upside of its centre line.

The Daily MACD is still above the Zero line - that's a positive.

So - at the moment, we've had a pullback. Natural and normal after a good rise.

Is that it? Maybe, maybe not - the next couple of days will tell. Two days below 4500 would kill this market. A bounce here - and look for further rises.

Cheers
Redb