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Good Morning and Welcome to the XJO Friday Thread
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News for Today (AEST)
The XJO closed higher on Thursday, where spread narrowed considerably, and volume reduced (expiry volume will appear today)
Momentum generated over the last couple of days carried the Index higher again, where price issued only a half hearted challenge at the highs of the trading range. The reduced spread and poor close illustrates the increased difficulties there is in moving above this level, and the lower volume suggests the move was not strongly supported, at least at this point in time. I said yesterday if price intends to challenge the highs of the trading range, it may take a day (or two) of sideways trading, to absorb supply, consolidate, and maybe take a little run up.....before there is any serious attempt.....this scenario appears even more likely now (but is still not guaranteed though).
Good Trading and Investing
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