Working Naked Friday

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Good Morning and Welcome to the XJO Friday Thread
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News for Today (AEDST)




The XJO closed lower on Thursday, where spread was fairly narrow, and volume back above the average line.
The Index initially moved higher and attempted to exceed Tuesday's high, but it encountered enough supply to push price back, to close a little lower overall, and back within the range of Tuesday's bar.  The response to this bar maybe quite important in the near term.....perhaps I will still get the little spring I have mentioned previously.   It is difficult to know for sure just yet, but price maybe absorbing supply with little intention to move higher just yet, or it maybe drawing out fresh supply (short positions in particular), which may eventually overwhelm demand, and force a price breakdown. That said, the most important line right now is @5604.......if price breaks down below it and cannot recover, this little downtrend will continue, but if that line holds firm and price consolidates, it may form a nice new sideways base to push off at a later date.







Good Trading and Investing