Taking into account the contribution of Financials and Miners to our XJO.........
The banks have been falling, but higher base metal prices have helped prop up the indices via the likes of BHP, RIO, ZFX, OXR etc...
IMO this has cushioned the XJO to an extent recently. Take Friday for example. Banks fell, miners went up. Excluding Iron ore, base metals in particular should start falling soon though.
My thoughts...
If the banks don't reverse and base metals do in fact fall, then the March lower low looks good. Despite Friday's rally, the XJO chart is still biased to the downside at present. It just needs a push.
the base metals rally is nearly over
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Last
7,739.9 |
Change
21.700(0.28%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,718.2 | 7,744.1 | 7,718.2 |
| XJO (ASX) Chart |