XSO 0.14% 2,972.9 s&p/asx small ordinaries

The Brains Trust - 2015, page-6718

  1. 19,112 Posts.
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    Tough call on this chart, as the recent weeks are not particularly clear, and I have spent quite some considerable time working on it.

    However, to go out on a limb, I think support is currently tenuous,
    the recent rise to ~0.80, was on falling demand, which is probably why it failed.
    And the widespread high volume upbar (arrowed), that has been controlling the recent price action, didn't have any upwards momentum following it (the next bar was down), which often suggests it contained quite a bit of (hidden) selling within it.
    The zone of previous support /resistance between 65-69cps has been attempting to hold price (which also contains the low of the controlling bar mentioned above), but I am not sure the demand present will be strong enough to hold it up.
    A failure to hold 65cps on the weekly, will most likely see 60cps as there is some minor potential support there (not shown), however the stronger support below is likely to be around the 55/56cps level.

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