Weekend Charting and Chat - 29th May 2015

The XJO closed higher on Friday, and back within the old trading range (again).
Thursdays 'questionable' bar showed its colours, and acted as a bar which found reduced supply, as it pushed lower in a subdued manner.
And Fridays bar was surprisingly strong in response to that reduced selling pressure, accelerating higher during the day.
Volume (value traded) was increased back to average, spread was wide, and the close was above mid bar, although a little off the day highs.
To my mind the Index has not confirmed its place back within the old trading range yet, and still could quite easily fail here.
And to some extent, just the fact that the trading range lows were even broken at all, saps some of the confidence that had been generated earlier.




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