@Jako8557 Thanks for opening Good luck with the hearing aid...

@Jako8557

Thanks for opening

Good luck with the hearing aid @redbacka, they tell me it takes a while to get used to them.

Trends
Swing downtrend extant

Candles
Yesterdays candle contained a lower wick, which at the end of a down trend is often an indicator that signals that the down trend will either pause or reverse.
Their wasn't enough wick on that candle to be considered a hammer, but it should be noted.
Today was a large white candle, which alone is often enough to indicate that the an uptrend is either in place or approaching.

Volume
Well above average and narrowly eclipsing yesterdays large volume print.

Chronic Oscillator
The centreline turned up again, and created the divergence I was expecting when I posted on 28/5.
Not sure if it's strictly speaking a divergence if the price is in a steady down trend but I'll take it.
The broader oscillator has moved up in the top side, but still remains down in the lower end.

Yearly Highs and low
Confirms the Chronic Oscillator.
The takeaway here is that the 52 week highs increased quite dramatically while the lows kept falling slightly. So there is some positivity happening, but still, punters are slowly letting go of some trades.

Momentum
In oversold and turned up, but just.

Seasonal
This appears to be uncharacteristic behavior for June.

Conclusion
A potential turnaround is on the cards at this point, a lot of ducks in a row, even though some, like the candles seem semi-baked. Will wait for further confirmation of next direction.

If long, hold
If short, close
If cash, wait for confirmation by MOC

Relative Strength ASX Sectors by size.
XSO is really screaming up the rankings here while the XMD is pretty lacklustre.
These two behaviors reinforce the broader chronic oscillator reading.







Some thinking music.....



MFx