Which way next ??
The XJO moved sharply lower on Friday in response to the overseas selldown.
The spread was wide & close was low,
however, volume (value traded) was again a little below average, as it has been on most downbars recently.
The lower volume suggests that Serious Supply has not yet entered the market.
To slice through the potential support levels below, I expect an increase in volume (to the downside) will be needed.
All eye's will be closely watching for follow through supply now....
Just how the Index responds to this overseas weakness will give an indication of the resilience in our market (or not).
The uptrend line & 'mini' channel remain intact for now, and there are a number of potential supporting levels below, should they be required.
Next week should be interesting for sure.
cheers
xjo - weekend charting and chat -11 april 2014
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Last
7,733.7 |
Change
-62.300(0.80%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,796.0 | 7,796.1 | 7,730.5 |
| XJO (ASX) Chart |