Weekend Charting and Chat - 22nd May 2015

Early on Friday, the XJO made a decent attempt to push higher and race across the potential resistance zone between 5663.5 & 5679.5.
And for a while it looked quite promising.....
But sadly (for the Index) volume was very low, and this left price without any serious oomph to power it through the resistance.
The low volume also caused the days spread to be remain quite narrow,
and the supply waiting at the resistance zone eventually caught up with it, and the XJO closed near its lows for the day.

No telling whether price will now fail here (it sure looks like it....but sometimes 'looks alone' can deceive....), or if, with some reasonable volume behind it, price will make another attempt to push through the resistance zone above.



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