The XJO closed higher on Friday, and importantly above the high...

The XJO closed higher on Friday, and importantly above the high of the previous bar.
Volume was again questionable, and most likely affected by carry over from options expiry.
Price has been grinding higher for some time now, in an action which suggests bullish absorption is taking place.
Any pullbacks during this period have been relatively brief and shallow.
If at some point increased supply begins to be drawn out from the left, I expect price will come back and test the strength of the dual breakdown lines (below), and if not, price will most likely continue to grind up to the highs of the range (just below 6000).


cheers