Yes - it is Smile Day. And the Bulls are smilling.
And why wouldn't they. Just look at the chart below.
XJO up moderately today +0.55%. The index is currently in a short-term sideways movement.
Since early February, the market has been in a steady up trend channel. The Index is currently above the 50-Day MA and above a horizontal support/resistance level. There seems no reason to suspect that this positive channel is likely to disappear.
In the medium term, we can expect more upside movement.
Until something transpires to disrupt this scenario, it's best to buy the dips.
RB.
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Last
8,603.0 |
Change
7.200(0.08%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,595.8 | 8,616.8 | 8,589.5 |
| XJO (ASX) Chart |