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Weekend Charting and Chat - 19th May 2017, page-4

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h00ts

46,601 Posts.

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20/05/17

11:40

Post #: 24810219
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Originally posted by Jako64 ↑

The XJO closed lower on Friday, where spread narrowed considerably, and the volume reduced to well below average. Once again the Index swept lower during the day, but this time recovered most of the losses before the close of trade. The quite low volume suggests that the bulk of sellers at this level, did so on Thursday, leaving much reduced selling pressure on Friday. This low supply situation may allow price to rise somewhat early next week, until a new level is found where supply increases to more normal levels, and balances demand. If this is the case, I expect one of the potential resistance lines above to offer that increased supply & limit further gains at that point in time.
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@Jako64 - Hi Jako I wonder if you can explain what criteria you are using for your support and resistance lines ? - I have scribbled on you chart below where i would have placed one.

cheers Hoot.

XJO Value at posting: 5,727.4
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